IMF: Kazakhstan’s Economic Growth to Reach 3.7 Percent This Year

NUR-SULTAN – The economic growth is projected to be 3.7 percent by the end of 2021 in Kazakhstan and reach its potential of 4 percent for the non-oil sector, according to the recent report released by the International Monetary Fund (IMF).

Prime Minister Askar Mamin met with IMF’s experts headed by head of the mission to Kazakhstan Nicolas Blancher on Nov.17.

It is said that the economy is recovering from the combined COVID pandemic and oil market shock due to the government’s response measures. “Policy measures” included regulating prices for socially important goods, cash transfers to vulnerable households, and targeted assistance to hard-hit sectors and small and medium-sized enterprises, including subsidized lending and tax exemptions. Projects under the Employment Roadmap program helped support employment,” reads the statement. 

The expert assessments and forecasts on the economic situation were on the agenda during the meeting of Prime Minister Askar Mamin with IMF’s experts headed by head of the mission to Kazakhstan Nicolas Blancher on Nov.17. 

Mamin said that the Kazakh government has introduced a new system of state planning to ensure sustainable development. The national projects for regional development, entrepreneurship, agri-industrial complex, ecology, digitalization, education and science, healthcare and social development have also been developed. New approaches to attracting investment have been both developed and deployed. 

The IMF experts recommended continuing monetary policy tightening measures to contain inflation, which is expected to reach 8.5 percent this year. The experts welcome the government’s goal of introducing new fiscal rules and its commitment to achieve carbon neutrality by 2060.

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