BAKU, Azerbaijan, June 7
Trend:
The estimates for the growth of the economy of Kazakhstan were revised upward, Trend reports citing the updated forecasts of the National Bank of Kazakhstan (NBK).
“In 2021, economic growth is expected at the level of 3.6-3.9 percent, in 2022 - in the range of 4-4.3 percent. The main factors behind the revision were the higher scenario oil price and the expansion of the positive fiscal impulse amid the revision of budget expenditures in the current year upward. Faster recovery of business activity in the economy, as well as an increase in real incomes of the population, will contribute to the expansion of aggregate demand, which will become a driver of economic growth," said the bank.
"At the same time, the gradual growth of imports will have a restraining effect on the dynamics of GDP. The recovery in exports in the second half of 2021 will be due to an increase in oil production as OPEC + restrictions are softened, and an increase in external demand for Kazakh export goods,” the NBK said.
“Further acceleration of economic growth in 2022 will be facilitated by the continued growth of domestic demand amid an improving pandemic situation and an expansion of exports as restrictions are further eased under the OPEC + deal,” the bank stated.