Eurasian Development Bank Forecasts Kazakhstan’s GDP Growth at 4.2 Percent, 486 Tenge per Dollar Exchange Rate in 2023

ASTANA – In 2023, Kazakhstan’s gross domestic product (GDP) growth is expected to reach 4.2 percent, inflation rate to decrease to 7.8 percent and an exchange rate in the range of 486 tenge per U.S. dollar in 2023, according to the Eurasian Development Bank’s (EDB) macroeconomic outlook for 2023, reported the bank’s press service on Nov. 29. 

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The bank’s baseline scenario projects Kazakhstan’s GDP to increase by 2.8 percent in 2022.

“The Tengiz field expansion is expected to become a key driver. Fiscal policy and ten national projects will also contribute to the growth. The EDB forecasts the development of the processing, construction, and services industries. In 2024, the GDP growth will reach 4.4 percent,” said EDB Senior Analyst Aigul Berdigulova.

A moderate weakening of the tenge is expected amid lower export growth and increased imports. The EDB analysts predict the base rate in Kazakhstan will be around 14 percent at the end of 2023.

The EDB is an international financial institution investing in Eurasia. For 16 years, the bank has worked to strengthen and broaden economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.

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