BAKU, Azerbaijan, April 12. Inflation in Kazakhstan is expected to drop to 11.3 percent in 2023 from 20.3 percent recorded a year earlier, Trend reports, citing the latest World Economic Outlook report issued by the International Monetary Fund (IMF).
Despite the positive dynamics, the projection increased from the 10.5 percent estimate put forward in December 2022.
Additionally, the IMF analysts forecast inflation in Kazakhstan
to decelerate further to 6.9 percent in 2024.
The level of inflation recorded at the beginning of 2023 was the
highest since 2016 when this economic indicator amounted to 14.6
percent.
Kazakhstan’s battle against inflation started with the onset of the COVID-19 global pandemic, which paved the way for the rise of consumer prices around the world. Kazakh economy experience an 8 percent and 15 percent inflation in 2021 and 2022.
The International Monetary Fund is a global institution with a headquarters in Washington, D.C. The organization aims to achieve sustainable growth and prosperity for its 190 member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation.