ASTANA, Kazakhstan, June 20. The Eurasian Development Bank (EDB) has revealed its GDP growth expectations for Kazakhstan, Trend reports.
Thus, in 2024, according to the bank’s forecasts, Kazakhstan’s GDP growth will be 5 percent, which corresponds to the previous forecast.
The EDB notes that government measures to attract foreign direct investment to Kazakhstan will act as a catalyst for economic growth.
“The planned implementation of 400 new investment projects worth 4.6 trillion tenge (about $10 billion) during 2024 will help strengthen potential in the manufacturing industries, agriculture, energy, transport, and services. We believe that the expansion of activity in the listed sectors of the economy will compensate for the zero growth in the oil industry," the bank said.
In addition, EDB's analysts expect stable GDP growth in 2025 and 2026. Thus, in 2025 and 2026, Kazakhstan's GDP growth will be 5.5 percent.
According to the bank, this will be facilitated by a return to positive growth in oil production and exports as restrictions within OPEC+ are eased.
Meanwhile, Kazakhstan's Ministry of National Economy expects GDP growth to be 5.3 percent in 2024 and 6 percent in 2025 and 2026.
Furthermore, 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.