ASTANA, Kazakhstan, August 1. Moody's rating agency projects Kazakhstan's real GDP growth of 3.8 percent in 2023 and around 4 percent in 2024, up from 3.3 percent in 2022, Trend reports.
According to the analytical agency, Kazakhstan's operating conditions are good, but geopolitical risks remain.
In terms of inflation, Moody's predicts that inflation is more likely to fall to 15 percent from 20 percent at the end of last year, easing pressure on households a little and keeping household loan demand moderate.
Additionally, it was noted that the National Bank of Kazakhstan aims to curb inflation and safeguard the local currency, which will result in interest rates remaining in the double-digit range. Consequently, this policy is expected to keep corporate loan demand subdued and exert further pressure on the creditworthiness of corporate borrowers.
"Despite gradual diversification, the economy remains focused on large companies, especially in hydrocarbons, metals and mining and transport, leading to intense competition among the local banks," the agency added.