International credit rating agency forecasts Kazakhstan’s economic growth
International credit rating agency Standard&Poor’s has improved Kazakhstan's outlook to stable, affirming the country’s sovereign credit rating at BBB-/A-3. The report highlights that the key factors are the strong fiscal and external balance sheets of Kazakhstan’s economy. They are stable and sufficient to mitigate the potential impact of lower oil exports. The analysts also point to the Government's effective macroeconomic policy. It is aimed at diversifying the economy through investment programs, improving the investment climate, reducing state participation, improving tax policy, reforming public procurement, and reducing administrative barriers to business. According to experts, the sustained growth in the non-oil sector will be supported by measures taken to attract foreign investment. Overall, the international credit rating agency forecasts the growth of Kazakhstan’s economy at slightly above four percent this year and an average of about four percent in 2023-2026.