EDB: Kazakhstan's economy to be efficiently supported against negative pandemic effects
BAKU, Azerbaijan, May 2
By Nargiz Sadikhova - Trend:
The measures taken by Kazakhstan’s state bodies will support country's economy in battle against negative consequences of coronavirus pandemic, Alexey Kuznetsov, Head of Economic Analysis at the Eurasian Development Bank (EDB) told Trend.
The total number of confirmed coronavirus cases in Kazakhstan has reached 2,334. The first two cases of coronavirus infection were detected in Kazakhstan among those who arrived in Almaty city from Germany on March 13, 2020.
On March 15, 2020, Kazakhstan’s President Kassym Jomart Tokayev signed a decree introducing an emergency state in Kazakhstan due to the coronavirus outbreak, which came in force from 08:00 (GMT +6) on March 16 till 08:00 April 15, 2020.
On Apr. 14, 2020, by a decree of Kazakhstan's president, the emergency state period in Kazakhstan was extended till May 1, 2020.
"Gradual restoration of local and foreign demand will contribute to the growth of Kazakhstan’s GDP in 2021, and measures taken by country’s government bodies will also provide significant support during this period," Kuznetsov said.
He noted that two anti-crisis packages, initiated to reduce the negative consequences of a pandemic, can be distinguished in Kazakhstan.
"The value of the packages is about 6.5 percent of country’s GDP, and this will allow to significantly smooth out industry output loses due to coronavirus," he said
Talking the oil prices forecast, he said that based on some premises, prices of energy resources will be gradually recovering and average oil price in 2020 will be around $40 per barrel. The oil price is expected to go on recovering up to 2022 when it’ll reach $50-60 per barrel.
Currently, the average cost of Kazakhstan’s oil reaches about $46 per barrel, while at some fields the cost is $20, and in others it is $60, some analysts say.
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