BAKU, Azerbaijan, March 29. The weighted real gross domestic product GDP growth rate of Central Asia is expected to be around 4.1 percent in 2023, Trend reports, citing the latest report issued by Boao Forum for Asia.
In comparison, the average weighted growth of Central Asian countries amounted to 3.9 percent in 2022.
According to the report, the only Central Asian country expected to record a growth rate exceeding 5 percent in Tajikistan. Additionally, most regional countries, except for Kazakhstan and Turkmenistan, are expected to grow at a lower rate in 2023 than in 2022.
Kazakhstan is expected to continue the social programs aimed to subsidize fuel, food production, utilities, and housing.
The Boao Forum for Asia report indicates that Kazakhstan is also likely to see much greater revenues, thanks to gains from oil, gas, and mineral resources. The fiscal deficit is expected to be 3.2 percent of GDP in 2023, down from 4 percent in the previous year.
The report, however, notes an improving inflationary dynamic in Central Asia. While inflation exceeded 20 percent at the beginning of the second half of 2022, later it reduced to 18.5 percent in December 2022.
The projected unemployment rate in Central Asian countries is expected to reach 7.75 percent, up from 7.73 percent recorded a year before.
Boao Forum for Asia provides a platform for politicians, representatives from academia, and business leaders to discuss the current situation in Asia and its subregions. The forum, modeled after the World Economic Forum in Davos, aims to promote regional cooperation in various fields.