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Kazakhstan announces ambitious GDP growth target by 2029

Kazakhstan Materials 14 February 2024 17:59 (UTC +04:00)
Madina Usmanova
Madina Usmanova
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ASTANA, Kazakhstan, February 14. Kazakhstan aims to nearly double its GDP by 2029, said President of Kazakhstan Kassym-Jomart Tokayev during the Kazakhstan-Qatar investment round table in Doha, Qatari capital, Trend reports.

According to the Kazakh President, building a diversified and sustainable economy is a paramount task for Kazakhstan.

"I have launched a new economic direction focused on implementing structural reforms for a stronger and more dynamic country. Our ambitious yet attainable goal is to reach a GDP of $450 billion by 2029, compared to last year's GDP of $265 billion. The economic growth rate last year was 5.1 percent, nearly double the projected global growth rate," he said.

In the coming years, Kazakhstan aims to sustain a growth rate of no less than 6 percent, as stated by President Tokayev.

"In 2022, Kazakhstan secured $28 billion in foreign direct investment, with foreign trade turnover reaching $136 billion. To maintain its position as the primary destination for foreign direct investment in the region, Kazakhstan has initiated a new investment cycle adhering to the highest global standards," said the president.

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