BAKU, Azerbaijan, Jun. 9
By Nargiz Sadikhova - Trend:
Kazakhstan’s GDP could amount to negative 3 percent at the end of 2020, World Bank’s (WB) forecast said, Trend reports with reference to the WB report.
“Economic activity in the region is vulnerable to global spillovers due to its openness to trade and financial flows, including remittances. In addition, for energy exporters in the region, which include Kazakhstan, continued low oil prices are expected to weigh on growth,” the report said.
Thus, the WB estimates said that the GDP growth in Kazakhstan amounted to 4.9 percent in 2019, and will significantly decrease to negative 3 percent in 2020. The WB said that Kazakhstan’s GDP growth is expected to be somewhat restored in 2021, thus amounting to 2.9 percent.
Earlier this month, Kazakhstan’s Minister of National Economy Ruslan Dalenov said that country’s GDP growth forecast approved by the ministry said that the economic growth will be -0.9 percent, which is almost a percent less than the initial forecast said.
The GDP forecast made by Ministry of National Economy in 2019 said that the economic growth will be 4.1 percent in 2020.
Physical volume of Kazakhstan’s GDP amounted to 14.3 trillion tenge ($33.8 billion based on current exchange rate) in 1Q2020, which is 2.7 percent more than during 1Q2019 (13.1 trillion tenge or $31.2 billion), preliminary data said.
Fifty-six percent of the total GDP value account for paid services, 36.7 percent account for goods manufacturing, and 7.3 percent account for net tax.
---
Follow the author on twitter: @nargiz_sadikh