BAKU, Azerbaijan, March 30. The National Bank of Kazakhstan released the details of the macroeconomic survey containing expert analysis on the near-term macroeconomic performance of the Kazakh economy, Trend reports, citing the National Bank of Kazakhstan.
Analysts representing 12 major companies and international
financial institutions participated in the survey.
The analysts expect the inflation in Kazakhstan to reach 12.2
percent in 2023, which is an increase of 0.4 percent compared to
the projection made in February. Inflation is projected to subside
further to 8.8 percent in 2024, while another drop to 7.2 percent
is expected to be recorded in 2025.
Consequently, the respondents amended their expectations regarding the policy rate change in Kazakhstan between 2023 and 2024. The analysts predict that the policy rate will amount to 15.7 percent in 2023, compared to the 15.5 projection made in February. The policy rate in 2024 is expected to decrease to 11.7 percent, which constitutes an increase of 0.3 percent in comparison to earlier estimates. The policy rate is forecasted to be reduced to 9 percent in 2025.
Overall, survey participants expect the policy rate to remain high, with its subsequent gradual decrease.
Meanwhile, the expectations regarding the growth of the Kazakh economy remained unchanged compared to the earlier projection of 3.7 percent.
The National Bank is the central bank of the Republic of Kazakhstan. The objective of the institution is to ensure price stability in Kazakhstan, in addition to regulating fiscal and monetary policy.