BAKU, Azerbaijan, September 21. Asian Development Bank (ADB) has decreased the forecast for Kazakhstan’s GDP growth, Trend reports citing the ADB.
Thus, currently ADB forecasts that Kazakhstan’s GDP will grow by 3 percent in 2022 and 3.7 percent in 2023 as compared to 3.2 percent and 3.9 percent respectively in the previous report.
The report said that the Caucasus and Central Asia subregion is forecast to grow by 3.9% this year, up from the earlier 3.6 percent projection, as growth in some economies in the subregion benefits from certain economic impacts of the Russian invasion of Ukraine.
“For example, money transfers from the sanctioned Russian Federation to Armenia and Georgia are rising sharply as Russian businesses relocate their bases to these countries. And Azerbaijan’s hydrocarbon exports are increasing because of tight supply caused by the war,” the report said.