Government of Kazakhstan intends to keep annual GDP growth rate at level of 4.5-5%

Kazakhstan Materials 29 August 2018 16:18 (UTC +04:00)
Kazakhstan's GDP per capita will rise to $46,000 by 2025.

Baku, Azerbaijan, Aug. 29


Kazakhstan's GDP per capita will rise to $46,000 by 2025, the Minister of National Economy of Kazakhstan Timur Suleimenov said.

He made the remarks at the government meeting.

"At the beginning of this year the head of state signed a Strategic plan for the development of the country until 2025. The main objective until 2025 is to achieve qualitative and sustainable growth of the economy, which would lead to the improvement of people's living standards up to the level comparable with the living standards of OECD countries," the minister said.

"For this purpose, it is planned to ensure the growth of economy at the rate not less than 4.5-5 percent per year on average, which will allow Kazakhstan to ensure the growth of GDP per capita to $46,100 by 2025," Suleimenov added.

He noted that the provision of the planned growth rates is a necessary pre-condition for achieving the desired goals.

"However, the GDP does not fully reflect the quality of life, the level of real well-being of citizens and the damage caused to the environment. In this regard, the key national indicators measuring the quality of life of the population and the quality of economic growth are provided to measure the progress made in the area of development by the 30 developed countries of the world and to achieve the goal," the minister said.

He noted that the key national indicators are divided into 14 spheres of measurement and consist of 37 indicators, including international ratings.

The strategic map has been elaborated in order to achieve the key national indicators of the Strategic development plan until 2025.

"The key national indicators in the Strategic map, if available, are broken down by industries and regions, with specification of annual values," he said.