ASTANA, Kazakhstan, February 19. The World Bank predicts a decline in Kazakhstan's GDP growth at the end of 2024, Trend reports.
According to the report of WB, with lower-than-forecast oil production, economic growth will slow to 3.4 percent from last year.
At the same time, according to the forecast, GDP will increase to 4.7 percent in 2025 as expansion of production capacity at existing fields will boost exports and drive growth of the petrochemical industry in 2025 and beyond.
However, in 2026, the World Bank expects GDP growth to fall back below four percent to 3.6 percent in this country.
Meanwhile, 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.
At the same time, the number of people employed in small and medium-sized businesses increased by 14 percent (by 500,000 people) to 4.3 million.
In addition, the volume of foreign trade turnover of Kazakhstan amounted to $139.8 billion from January through December 2023. This is 3.2 percent higher than in the same period in 2022.
Exports totaled $78.6 billion (in nominal terms, 7 percent less than the same time in 2022). At the same time, imports grew by 20.1 percent, totaling $61.1 billion.