ADB expects Kazakhstan’s economy to grow by 3.4 percent in 2021
The economy of Kazakhstan is expected to grow this year. The Asian Development Bank improved its forecasts. According to experts, GDP will rise up to 3.4 percent. Several factors will influence the increase, analysts said, including the lifting of restrictions related to the pandemic, higher oil prices and, of course, an increase in the oil production as part of OPEC+ agreement. As experts emphasized, the country’s GDP has grown by 1.6 percent from January to May, due to which consumer activity recovered. Mechanical engineering, light and construction industries also showed growth dynamics. Investments in the first five months have grown by more than a quarter. As highlighted in the review, the forecast for the growth of Kazakhstan’s economy for 2022 remains at the level of 3.5 percent. As for the GDP growth in Central Asia, it is also adjusted upward. Up to 3.6 percent compared to the April forecast.
Translation by Saniya Sakenova
Editing by Galiya Khassenkhanova