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Renaissance Capital revises Kazakhstan's GDP growth forecast

Business Materials 13 September 2021 17:15 (UTC +04:00)
Renaissance Capital revises Kazakhstan's GDP growth forecast

BAKU, Azerbaijan, September 13

By Nargiz Sadikhova - Trend:

Kazakhstan’s GDP will grow by 4 percent in 2021, the revised 2021 forecast of Renaissance Capital said, Trend reports.

The report said that Renaissance Capital sees a solid recovery in 2021 across the region – most countries have avoided tangible quarantine restrictions during successive COVID-19 waves and enjoyed support from a global commodity markets’ rebound.

The National Bank of Kazakhstan expects a decrease in non-food inflation in the country by 5 percent in 2022 and 4 percent in 2023-2024, Chairman of the National Bank of Kazakhstan Yerbolat Dosayev said.

In order to fulfill the order of the Head of State to return inflation to the target range of 4-6 percent in 2022, the National Bank supports the measures aimed primarily at stabilizing non-monetary factors within the framework of a Set of anti-inflationary Response Measures.

"From January through August 2021, the main contribution to the escalating inflation rates was made by the increase in food prices, which reached the level of 11.4 percent. In order to reduce it to 8 percent by the end of this year, in accordance with the Set of Measures, the Government will take operational measures to eliminate seasonal shocks and imbalances in certain markets, not excluding effective temporary regulatory measures and antitrust impact," Dosayev said.

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