EDB projects growth of Kazakhstan's economy

Kazakhstan Materials 17 February 2023 08:47 (UTC +04:00)
Emin Sevdimaliyev
Emin Sevdimaliyev
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BAKU, Azerbaijan, February 17. Kazakhstan's economy is expected to increase by 4.2 percent in the baseline scenario during 2023, a source at the Eurasian Development Bank (EDB) told Trend.

The bank considers that the impact of hydrocarbon exports will remain the dominant cause enabling the country to achieve growth.

"An important factor underlining the economic growth dynamic will be the launch of new capacities at the Tengiz oil field. It is expected that oil production will increase by 8.1 percent in 2023, reaching 92.6 million tons," the bank representative added.

The EDB considers increasing industrial output, construction, and services sector to be among other economic expansion drivers. The bank expects these sectors to develop due to the implementation of national projects.

The growth in these sectors will add a layer of protection against possible energy price fluctuation-induced shocks.

The Eurasian Development Bank is an international financial institution established to promote economic growth in its member states, extend trade and economic ties among them, and support integration in Eurasia through investment.