BAKU, Azerbaijan, Nov. 26
By Nargiz Sadikhova - Trend:
Another wave of COVID-19 and possible changes to OPEC+ quotas pose substantial downside risks to the economic forecast of Kazakhstan, ADB Kazakhstan Resident Mission told Trend.
The Resident Mission said that COVID-19 has had a significant impact on all the economies of Central Asia, including Kazakhstan.
“As you may know, the Bureau of National Statistics has just released the data for the first 10 months of this year. Like in most of the countries, Kazakhstan’s services sector witnessed a major negative output decline of 6.1 percent, with transport plunging by 7.3 percent, trade by 9.4 percent in the period of January-October 2020. The mining output shrunk by 3.1 percent, reflecting primarily 4.3 percent oil production cuts, in line with OPEC+ deal restrictions,” the Resident Mission said.
In September 2020, Resident Mission noted, the business activity index rose by 2.2 points from 45.4 to 47.6 as reported by the National Bank of Kazakhstan.
Thus, while the business climate index was positive for the first time over the last six months period at 2.0 compared to -31.6 in April 2020.
“The September 2020 Asian Development Outlook forecasts a gradual “U-shaped” economic recovery with -3.2 percent of GDP contraction in 2020 and growth at 2.8 percent the following year. However, another wave of COVID-19 and possible changes to OPEC+ quotas pose substantial downside risks to the economic forecast,” the Resident Mission said.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
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