BAKU, Azerbaijan, May 26. The economic growth forecast for Kazakhstan in 2023 has been revised and improved by the country's National Bank, Trend reports.
The current year is expected to see GDP growth ranging between 4.2 percent and 5.2 percent, while the projections for 2024-2025 remain steady at 3.5 percent to 4.5 percent. The increase in the forecast for the current year can be attributed to the rise in government expenditures and expectations of higher external and domestic demand.
Meanwhile, positive dynamics in imports due to fiscal stimulus, along with restrictive monetary conditions, will help stabilize GDP growth. However, risks to the GDP forecast are associated with lower demand for Kazakhstan's exported goods amid the risk of a global recession, oil market pressures, and potential challenges in accessing international markets for Kazakhstan's exports.
Earlier today the National Bank of Kazakhstan announced its decision to maintain the base rate unchanged at the level of 16.75 percent after conducting a thorough review of updated forecasts, data analysis, and a careful assessment of inflation risks.
On April 7, the country's National Bank also maintained the base rate at the mentioned level. Back then, economic growth was forecasted to be within the range of 3.5 percent and 4.2 percent.