BAKU, Azerbaijan, Nov. 19
Trend:
The Minister of National Economy of Kazakhstan Ruslan Dalenov predicted the volume of oil production and economic growth for the next five years, Trend reports citing Kazinform.
"Oil production in 2021 will amount to 86 million tons with an increase in 2025 to 100.7 million tons," Ruslan Dalenov said at a plenary meeting of the Senate, voicing the forecast of the country's socio-economic development for 2021-2025.
The minister said that positive growth is expected in all basic industries.
"The manufacturing industry will grow at a faster pace (6.7 percent on average per year) over the mining industry (2.9 percent). The average annual growth rate will be 6.2 percent in agriculture and 5.5 percent in trade," the minister noted.
He also gave a forecast for the volume of export of Kazakhstani goods.
Exports of goods will amount to $41.4 billion in 2021 with an increase to $51.5 billion in 2025. Imports will increase from $36.3 billion in 2021 to $37.8 billion in 2025,” Dalenov added.
Earlier, the minister predicted GDP growth for the next five years.
The forecast was formed taking into account the following factors:
- Reporting statistics on GDP for 2019 and the results of economic development for January-July 2020;
- Updated forecasts of international financial organizations for the growth of the world economy. Amid the coronavirus (COVID-19) pandemic, the global economy is expected to decline by 5 percent this year, followed by growth to 4.9 percent in 2021;
- Trends in global commodity markets. The IFI consensus forecast for oil prices for 2021-2022 is $45 and $55 per barrel, respectively.