BAKU, Azerbaijan, November 10. The production of oil in Kazakhstan will increase to almost 100 million tons by 2027, Minister of National Economy Alibek Kuantyrov said at the plenary sessions of the Senate, Trend reports citing the government.
"The forecast was formed taking into account the final data on economic growth in 2021, the expectations of international financial organizations on the growth of the global economy, and prices for export goods. According to the consensus forecast of international financial organizations, the world oil price in 2022 is expected to reach $104.2 per barrel. The growth of the global economy in 2023 will be three percent,” he said.
According to Kuantyrov, the basic scenario was taken as the foundation for the formation of forecast and budget parameters. He assumes that the oil price will reach $85 per barrel and the average annual real GDP growth will be 3.9 percent
Inflation is forecasted at the level of 7.5-9.5 percent, in 2023, at the level of four to five percent in 2024, and at the level of three to four percent - from 2025-2027.
"It's expected that the real GDP growth will accelerate from 4 percent in 2023 to 4.2 percent in 2027. The nominal GDP will grow from 120.7 trillion tenge ($255.5 billion) to 176.6 trillion tenge ($373.9 billion). The oil production is expected to reach 92.6 million tons in 2023 with an increase to 99.9 million tons in 2027. According to the forecasts of the National Bank of Kazakhstan, exports will increase from $80.9 billion to $84.6 billion, import - from $45.7 billion to $53.5 billion," he said.