ASTANA, Kazakhstan, September 18. The Eurasian Development Bank (EDB) has improved its forecast for Kazakhstan's GDP growth to 4.3 percent in 2023, Trend reports.
Compared to the previous forecast, the estimate was increased by 0.1 percentage points, which is due to the implementation of additional government measures aimed at mitigating external negative shocks. In particular, domestic consumer demand in conditions of increased inflation will be supported by an increase in social benefits and wages for public sector employees.
Thus, the authorities plan to increase the volume of financing for medium and small businesses to 224 billion tenge, or about $473.2 million (0.2 percent of GDP), subsidize 20,000 projects, and provide government guarantees for more than 18,000 projects.
Government measures will also be aimed at attracting investments in the amount of 18.3 trillion tenge, or about $38.6 billion (17.6 percent of GDP), and implementing a nationwide pool of 873 investment projects.
About 300 projects will be implemented in the agro-industrial complex, the volume of financing for which will be 536 billion tenge, or about $1.13 billion (0.5 percent of GDP).
According to the bank, the economy will receive an additional boost from the relocation of foreign enterprises to Kazakhstan. A key factor in enhancing economic growth will be the launch of new capacities at the Tengiz oil field.
The bank forecasts Kazakhstan's GDP growth in 2024–2025 at 4.4 percent. Full commissioning of Tengiz's modernized facilities is expected in 2024 and will become the basis for economic growth. Easing monetary controls will also boost lending and economic activity. Exports will increase as the global economy emerges from recession.
In 2022, Kazakhstan's GDP, according to final data, grew by 3.3 percent. Last year, Kazakhstan's GDP amounted to $225 billion. A record amount of foreign direct investment totaling $28 billion was attracted to Kazakhstan in 2022.