ADB maintains Kazakhstan’s economic growth forecast for 2022 and 2023
The growth of Kazakhstan's economy remains at the expected rate this and next year, that is 3.2 percent and nearly four percent, respectively. Kazakhstan’s GDP forecast by the Asian Development Bank experts remains unchanged. According to them, the country’s economy is confidently adapting to external conditions as well as exchange rate volatility and rising global prices. Logistics chains are also being actively restored in the country, new sales markets are being searched for and passenger traffic is currently increasing. The latter has grown by over 20 percent within six months. And most importantly, oil production is growing as well. It increased by over five percent in the first five months. According to ADB experts, this year the inflation rate will reach 10.8 percent, and it will decrease to 6.7 percent in 2023.
“Overall, we have a pretty good dynamics. We can see that we are growing compared to other countries. China is witnessing a slowdown in economy growth, since it imposed very strict coronavirus restrictions in the first half of the year, and they have a zero-tolerance COVID-19 policy. So, we could see a certain slowdown in Chinese economic growth. However, there are other countries that have been relaxing its COVID restrictions and this greatly contributes to the restoration of the region's economy. We raised inflation forecasts for Kazakhstan, as well as for the Asia-Pacific region. We hope to see a slowdown in inflationary pressures in the second half of the current year,” said Genadiy Rau, an economist at the Asian Development Bank.