Kazakhstan’s GDP is projected to increase by 4.5 percent in 2023 and by 4.8 percent in 2024.
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Besides, the financial institution has improved its projection for GDP growth in 2024 to almost five percent.
This will be possible largely due to activity in the hydrocarbon sector, specifically from an increase in oil production.
ADB analysts forecasted that an increase in prices for major export goods will also help maintain business activity and stimulate investment into the country.
It is worth mentioning that the annual Boao Forum for Asia is currently being hosted by China from March 28 to March 31.
In January, economic indicators increased by 5.6 percent due to the recovery of the services sector.
The export figures were about US$84.5 billion.
According to the document, GDP growth is expected to accelerate to four percent next year.
The share of small and medium-sized businesses in Kazakhstan's GDP is expected to grow to 35 percent within the next two years.
Last year, the Kazakhstan’s economy maintained a moderate growth rate.
