ADB raises economic growth forecast for Kazakhstan

The Asian Development Bank has raised Kazakhstan’s economic growth forecast for the current year to 3.4 percent. The updated report of the financial institution indicates that the country’s GDP has grown by 1.5 percent. This is due to the recovery of consumer spending, as retail trade grew by 6.2 percent from January to April. According to the ADB, mechanical engineering, light industry and construction sectors showed a growth of more than 7 percent. Investments, excluding mining, have also increased by 25.5 percent over the five months of this year.

“The country’s GDP is projected to grow by 3.4 percent in 2021 and by 3.7 percent in 2022. This growth is due to the recovery of Kazakhstan’s economy from coronacrisis. We see a growing demand for commodities worldwide, so high oil prices, as well as government support programmes for infrastructure and manufacturing, are contributing to the economic recovery and growth,” said Gennadiy Rau, economist at the ADB Kazakhstan Resident Mission.

The ADB has generally raised this year’s economic growth outlook projection for Central Asia to 4.1 percent. In April, it was predicted to be 3.4 percent. Experts say that such a forecast is due to improved growth prospects for Armenia, Azerbaijan, Georgia, and Uzbekistan.

 

Translation by Assem Zhanmukhanova

Editing by Galiya Khassenkhanova