Analysts’ forecast: Kazakhstan’s economy to recover faster than EAEU countries
The recovery of Kazakhstan’s economy to the previous pre-crisis level will take place next year. According to experts, timely measures taken by Kazakhstan’s Government as well as the support of international financial institutions contribute to recovery. Analysts forecasted that the regeneration of the domestic economy will be probably faster than in other countries of the Eurasian Economic Union.
“According to analysts’ data, the baseline forecast implies a relative normalization of the epidemiological situation in the country and in the world approximately in the second quarter, given the mass vaccination, which has started now, for example, in European countries. We assume that in such conditions Kazakhstan’s GDP will grow by about 4.4 percent next year,” said Amangeldy Issenov, Deputy Chairperson, Eurasian Development Bank.
In addition to the Eurasian Development Bank, the Asian Development Bank has also provided special assistance packages for Kazakhstan this year.
“Obviously, this year, most of our operations were aimed at mitigating the negative effects of the ongoing pandemic. In particular, we approved a large loan of US$1 billion, which was recently ratified by Parliament and issued to the Finance Ministry. This loan will contribute to the full implementation of the comprehensive plan to support health systems, social protection, employment and economic recovery, which was developed by the Kazakh government earlier this year,” announced Mirzo Iskandar Gulamov, Acting Country Director, Kazakhstan Resident Mission, ADB.
Nearly six trillion tenge (US$14.2 billion) were allocated for anti-crisis measures in Kazakhstan this year, which is about 9 percent of the country’s GDP. Experts say that this level of state support is among the largest in the world and is fully comparable to that of developed countries.