ASTANA, Kazakhstan, January 30. Kazakhstan’s real gross domestic product (GDP) growth is projected to decrease until 3.1 percent in 2024, Trend reports, citing the latest World Economic Outlook report issued by the International Monetary Fund (IMF).
Thus, the expected growth rate for 2024 decreased by 1.1 percentage points compared to the previous October forecast (4.2 percent).
At the same time, the IMF raised its forecast for 2025. Thus, Kazakhstan’s GDP growth in 2025 is expected to be 5.7 percent, which is 1.1 percentage points more than the previous forecast.
As previously stated by the Prime Minister of Kazakhstan Alikhan Smailov, Kazakhstan's economic growth amounted to 5.1 percent in 2023. Last year, the volume of investments in fixed capital increased by 13.7 percent and amounted to $39.5 billion, while over the first nine months of 2023, $19.7 billion of foreign direct investment was attracted.
He also pointed out that, due to joint measures of the government, the National Bank, and regional akims (heads of regional executive power), the inflation rate was reduced by half to 9.8 percent.
In addition, according to Smailov, foreign trade turnover increased by 2.2 percent and amounted to $126 billion; the positive trade balance exceeded $16 billion.