BAKU, Azerbaijan, March 7. The National Bank of Kazakhstan updated its projection on the national economic expansion and expects the annual economic growth to change between 3.5-4.5 percent in the following three years, Trend reports, citing the National Bank.
The projection was revealed in the newly issued report on Kazakhstan’s monetary policy.
The National Bank cites the expected increase in oil production and exports as the key driving force behind the growth. Sustainable domestic demand growth will be supported by stimulating government spending and favorable oil prices.
The National Bank added that economic growth was recorded in every economic sector and exceeded prior expectations.
Despite the positive expectations, the report suggests that certain exogenous risks remain a threat that can harm the growth potential of the national economy. The key threats are geopolitical uncertainty and high global food prices.
Earlier, the National Bank of Kazakhstan predicted the economic growth to be in the region of 3-4 percent.
The predictions issued in the December 2022 report were amended due to the improved economic performance of Kazakhstan, as well as better than anticipated macroeconomic situation in bordering countries.