BAKU, Azerbaijan, July 3. Russian Gazprombank forecasted the growth of the economy of Kazakhstan to 4.6 percent in 2023, which is close to the upper bound of the National Bank of Kazakhstan's updated forecast range of 4-4.5 percent, Deputy Head of Research, Chief CIS economist at Gazprombank Gulnara Khaidarshina told Trend.
Khaidarshina noted that in 2024, the growth should normalize at four percent.
"Economic growth in 2023-2024 will still be mainly fueled by the raw materials sector. Kazakhstan is one of the key beneficiaries from rising commodity prices (oil, gas, metals and uranium)," she said.
Khaidarshina also noted that Kazakhstan has launched economic reforms and institutional transformation.
"Economic growth will be supported by transportation and construction amid Kazakhstan's increasing importance as a Eurasian logistics hub. The role of key GDP components – trade, construction and transport – will continue to grow," Khaidarshina added.
In 2022, GDP of Kazakhstan in current prices amounted to $220.5 billion, which is growth of 3.2 percent.