ASTANA, Kazakhstan, September 20. The Asian Development Bank's (ADB) forecast for Kazakhstan's economic growth has been revised upward to 4.1 percent in 2023 and 4.3 percent in 2024 from 3.7 percent and 4.1 percent forecast in April, Trend reports.
As the bank noted, growth forecast raised amid rising consumption and investment driven by increased government spending on infrastructure upgrades and social programs. Government-approved increases in gasoline and utility prices are raising inflation forecasts for both years, while maintaining a downward trend.
"Economic activity in Central Asia and the Caucasus remained strong in the first half of 2023, driven by domestic demand, although growth slowed in all countries except Kazakhstan and Tajikistan compared with the first half of 2022," the bank said.
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.