ASTANA, Kazakhstan, February 21. The authoritative international rating agency Moody's expects Kazakhstan's economy (positive Baa2) to continue to grow, Trend reports.
According to the report of Moddy's, the reason for this is the support of higher trade volumes and the influx of migrants and funds against the backdrop of the military conflict in Ukraine.
"High commodity prices and increased international trade volumes since the onset of the conflict continue to fuel growth, along with supportive government programs, investments and easing monetary policies, as seen in Kazakhstan," the reports said.
At the same time, Moody's notes that the ongoing military conflict in Ukraine still poses a risk to growth across the region as any escalation could hinder monetary and trade flows, restrict labor markets and result in secondary sanctions.
"This is not our baseline scenario and the risks are gradually easing as the countries continue to adapt to changed realities," the report said.
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.