Eurasian Development Bank: Kazakhstan is leading economy of Central Asia
Kazakhstan is the leading economy of Central Asia. The country holds a strong financial position in the region and has good prospects for GDP growth, according to the report of the Eurasian Development Bank. Research has shown that the nominal GDP of Kazakhstan in 2021 amounted to just over US$197 billion, which is 1.3 times the aggregate GDP of Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. According to analysts, the country’s achievement of such an indicator is primarily due to its considerable reserves of natural resources. Kazakhstan has the world’s 12th-largest proven oil deposits and 16th-largest natural gas deposits. The country is also one of the largest producers of coal, iron ore, and other metals and ranks first in uranium production. Moreover, Kazakhstan is one of the world’s ten largest wheat exporters. In 2020, it ranked 8th, having supplied to the global market more than six million tonnes of wheat. The geographical position of the country plays an important role as well. Routes linking Europe and the Asia-Pacific region, both those already in operation and those that will be created as part of China’s Belt and Road Initiative, pass through Kazakhstan.