BAKU, Azerbaijan, September 22
By Nargiz Sadikhova - Trend:
Asian Development Bank (ADB) has revised its forecast for Kazakhstan’s GDP growth in 2021 and 2022, Trend reports citing ADB.
Thus, in its September update of Asian Development Outlook 2021, the Bank forecasts that Kazakhstan’s GDP will grow by 3.4 percent in 2021, which is an upgrade as compared to the 3.2 percent forecast in the previous edition of the report.
Furthermore, the ADB also forecasts that the GDP of Kazakhstan will grow by 3.7 percent in 2022, which also is more than the 3.5 percent forecast previously.
The report noted that a better-than-expected recovery is anticipated in Central Asia. The subregion turned in a strong economic performance in the first half, amid the continued recovery in commodity prices.
Because of this, the growth forecast is revised up to 4.1 percent from the earlier projection of 3.4 percent for 2021 and to 4.2 percent from 4 percent for 2022.
The growth outlook has improved in several countries out of the subregion’s eight economies—Azerbaijan, Georgia, Kazakhstan, and Uzbekistan.
Nevertheless, several economies have been hit by a new wave of COVID-19 and reimposed lockdowns, and other restrictions. These developments, along with slow vaccine rollouts, pose a risk to Central Asia’s growth prospects.
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