ADB expects slower economic growth in Kazakhstan

Baku, Azerbaijan, Apr. 3

By Rashid Shirinov – Trend:

Asian Development Bank (ADB) forecasts Kazakhstan’s economic growth to slowdown in 2019 and 2020, reflecting lower oil prices and reduced growth in China and Russia, Trend reports via the ADB press service.

"Aside from oil revenues, public investment is expected to become a key source of economic growth in the coming years," reads the latest ADB outlook.

The bank expects the growth of Kazakhstan’s gross domestic product to moderate to 3.5 percent in 2019 and 3.3 percent in 2020 from the 4.1 percent achieved in 2018. Average inflation is estimated to remain at 6 percent and expected to moderate to 5.5 percent in 2020.

Food price inflation is projected to slow down to 5.2 percent in 2019 and 5 percent in 2020 due to incentives provided for domestic food production, the institutionalization of stabilization funds for critical food items, and the imposition of selective price controls.

ADB predicts Kazakhstan's industry to expand by 4.3 percent in 2019 and 4.4 percent in 2020, as state led-investment in the manufacturing and utilities’ sectors will partly counterbalance the limited gains in oil production, which are expected to decline in the first half of 2019 as Kazakhstan needs to meet its commitments with the OPEC and the three major oilfields (Tengiz, Karachaganak, and Kashagan) undergo planned maintenance.

The bank also expects the country's agriculture to grow by 3 percent in 2019 and 2.5 percent in 2020 as a result of the updated state support program.

Kazakhstan was the first Central Asian country to join ADB in 1994. During its 25-year membership, Kazakhstan has received over $5 billion in sovereign and private sector loans and about $50 million in technical assistance grants in support of transport, agriculture, water, education, health, as well as finance and public sector management.

---

Follow the author on Twitter: @ShirinovRashid

Subscribe to Trend in Google News! Subscribe
India's Growth In Next 25 Years Will Be Clean, Green, Sustainable And Reliable: Modi
India's Growth In Next 25 Years Will Be Clean, Green, Sustainable And Reliable: Modi
5 Dead, 25 Rescued In Retirement Home Fire In Spain
5 Dead, 25 Rescued In Retirement Home Fire In Spain
India's Modi urges collective global effort to deal with cryptocurrencies
India's Modi urges collective global effort to deal with cryptocurrencies
Loading Bars
Latest
India's Growth In Next 25 Years Will Be Clean, Green, Sustainable And Reliable: Modi
5 Dead, 25 Rescued In Retirement Home Fire In Spain
India's Modi urges collective global effort to deal with cryptocurrencies
Venezuelan migrant girl dies crossing river between Mexico and US
India’s economic reforms and welfare programs empowering the poor
At least 6 killed in suicide bombing in Somalia
INS Vikrant Sails Closer To Joining The Fleet
Row house explosion in New York City leaves one dead, eight injured
Oyo Hotels targets $9-billion valuation in IPO; may get Sebi nod soon
British PM Johnson denies lying about lockdown party
Silvio Berlusconi Is Considering Dropping His Bid to Be Italy’s President
5 injured as passenger train derails after being hit by explosion in SW Pakistan
US telecom companies pause some new 5G after airlines raise alarm
N.Korea tested tactical guided missiles in fresh sign of evolving arsenal
Azerbaijani MFA commented on statement of French Minister in National Assembly of this country
Goranboy regional prosecutor's office launches investigation into resident hitting mine
Resident of Azerbaijani Goranboy region hits mine
Erdogan receives Serbia's Vucic to discuss ties, Balkans
Azerbaijan shares data on number of vaccinated citizens
Iran preparing plans on gas extraction from territory of Iranian Central Oil Fields Company
Azerbaijan confirms 930 more COVID-19 cases, 703 recoveries
Uzbekistan introduces new mechanisms to support its capital market
President Ilham Aliyev calls President Vladimir Putin
Kazakhstan launches investigative procedures against wholesalers of liquefied gas
Money transfers from Georgia up
Price indexes of construction, trade sectors at Uzbek stock exchange rise
Kazakh crude production inches up - OPEC
Uzbekistan sells number of its large enterprises as part of privatization program
Russian Economy Ministry unveils priority spheres for co-op with Azerbaijan
Kazakhstan approves operational action plan to stabilize internal socio-economic situation
Baku residents express their gratitude to President Ilham Aliyev for highly appreciating activity of Haji Zeynalabdin Taghiyev (PHOTO/VIDEO)
Azerbaijan Gymnastics Federation holds general meeting (PHOTO)
Overall index of Tehran Stock Exchange drops on Jan. 18
Uzbekistan reveals volume of mortgage loans issued in 2021
Expenses of Turkish citizens in Georgia increase
SOFAZ’s budget revenues up
ANAMA talks heavily mined Azerbaijan's territories
SOFAZ sees significant increase in revenues from oil & gas agreements
Georgia reveals its major motor oil supplying countries
Azerbaijan’s State Oil Fund sees increase in assets
Growth of Azerbaijan's non-oil sector reaches all-time high
Chief of General Staff of Azerbaijani Army meets with Bulgarian delegation (PHOTO)
Iran’s Bahar Azadi gold coin price rebounds
FAO eyes another Partnership Programme on Food and Agriculture project in Turkmenistan
Azerbaijan to see increase in asylum seekers - deputy chairman of Supreme Court
Central Bank of Azerbaijan works consistently to curb inflation
Iran unveils amount of honey gathered countrywide
Kazakhstan’s Atyrau Oil Refinery to buy gaseous nitrogen via tender
Kazakhstan's economic growth is expected to accelerate in 2022 - Renaissance Capital
New military facilities commissioned in Azerbaijani liberated territories (PHOTO/VIDEO)
Azerbaijan increases marketable oil and gas production
Russia starts manufacturing reactor for Kudankulam nuclear power plant
Number of foreigners receives labour permits in Azerbaijan - State Migration Service
Azerbaijan eyes to raise quota for issuing labor permits to foreigners this year - State Migration Service
India at UNSC: Looking forward to Sudan's successful completion of transition phase
Uzbekistan notes growth in macroeconomic indicators
Jaishankar speaks with EU counterpart, discusses Afghanistan, Myanmar
OPEC expects Azerbaijan to boost oil output in 2022
UK regulator fines Mastercard, others for prepaid cards cartel
PM Modi: Best time to invest in India, multilateral institutions need reforms
Ministry unveils number of companies with Russian capital in Azerbaijan
Azerbaijani citizens without COVID-19 passports won't be allowed to buy tickets for bus trips to liberated lands
Azerbaijan creates website for trips to liberated Karabakh
Iran strikes deal with Romania for export of technical, engineering services
No mine threat in Azerbaijan's Shusha - ANAMA
Gas transportation through South Caucasus Pipeline increases
Azerbaijan plans to demine tens of thousands of hectares of liberated territories - ANAMA
USAID’s support can increase foreign direct investment in Turkmenistan - official
UNHCR thanks Azerbaijan
Indian Prime Minister delivers ‘State of World’ special address at World Economic Forum’s Davos Agenda
Largest philanthropist not only in Azerbaijan, but also in South Caucasus is Heydar Aliyev Foundation - President Ilham Aliyev
Kazakhstan discloses systematic measures to reduce inflation rate
Baku-Tbilisi-Ceyhan's oil transportation from Azerbaijan down
I was offered few alternative locations for statue, and I chose this place, because it is place worthy of name of Zeynalabdin Taghiyev - president
Kazakhstan's President Tokayev to be elected chairman of Nur Otan party soon - First President of Kazakhstan
By sending hundreds of students to Russia and Europe, Haji Zeynalabdin Taghiyev clearly thought about future - President Ilham Aliyev
As result of Heydar Aliyev Foundation's activities, Azerbaijan is better known, and it was this factor that helped us during Second Karabakh War - President Ilham Aliyev
Today, Heydar Aliyev Foundation faces new tasks - President Ilham Aliyev
Sinopec gets first LNG cargo under new deal with Qatar
Brent to breach $100/bbl as demand weathers virus surge- Goldman Sachs
Azerbaijan ranks among top aviation fuel exporters to Georgia
I'm on deserved rest in capital and haven't left anywhere - first president of Kazakhstan
Iran reveals COVID-19 data for January 18
Russia documents 31,252 daily COVID-19 cases, highest number since December 6
USAID supports Turkmen government and local partners to improve securities market
Websites that will make the work of Graphic Designers easier
UNHCR discloses number of Azerbaijani refugees provided with legal assistance before Second Karabakh War (PHOTO)
Production of Iran's Khorasan Steel Company increases
National Iranian Oil Company to take steps on development of North Pars gas field
Azerbaijan fils lawsuits against Armenia to European Court of Human Rights
Non-OPEC crude oil supply to continue upward trend by 2023
Visitors from Azerbaijan to Georgia spend less in 2021 - NBG
Europe to see increase in jet fuel demand – JP Morgan
Iran’s NISOC announces date for launch of extraction from Kish gas field
Israel sticks with 4th vaccine shot, sees Omicron wave waning in a week
Uzbek Central Bank shares data on volume of reserve assets and gold reserves
Azerbaijani public representatives send appeal to French President
Iran's economic growth improves - CBI
Oil demand set to rise by 2023, says JP Morgan
Central Bank of Iran discloses amount of loans issued for agricultural sector
All news