ADB forecasts growth of Kazakhstan’s economy in 2022

Kazakhstan’s economic growth is forecast to rebound this year, and accelerate in key indicators in 2022. In the annual economic outlook by the Asian Development Bank, analysts projected the country’s GDP growth at 3.2 percent until the end of December, and 3.5 percent in 2022. This will be facilitated by a gradual resumption of most services, increased investment, as well as hydrocarbon production and manufacturing, experts say. In terms of numbers, the industrial sector will grow by 2 percent this year and 2.8 percent next year. The service sector is among those that will go up. Its volumes will increase through the recovery of trade, food services and transport infrastructure. Experts also have positive estimates regarding the construction industry. It is projected to grow by nearly 9.5 percent due to the support by state housing and infrastructure programs. Good growth rates are expected in agriculture as well. However, the main condition for accelerated economic growth is the mitigation of the coronavirus pandemic and the vaccination of the population, ADB Country Director for Kazakhstan Nariman Mannapbekov stressed. At the same time, innovation is also important.

“Kazakhstan needs to promote innovation to improve its economic resilience, reduce vulnerability to external shocks and accelerate post-COVID-19 recovery. The ADB recommends boosting investment in research and developments, strengthening the financial system, particularly capital markets, and increasing public spending on education,” said Nariman Mannapbekov, ADB Country Director for Kazakhstan.

Translation by Assem Zhanmukhanova

Editing by Galiya Khassenkhanova