EBRD Forecasts 5% Economic Growth in Kazakhstan for 2023-2024

ASTANA – The Kazakh economy is set to grow 5% in 2023-2024, despite some uncertainty arising from oil prices, according to the European Bank for Reconstruction and Development’s (EBRD) latest Regional Economic Prospects (REP) report published on Sept. 27.

Photo credit: EBRD.

“The country has seen significant expansion in sectors such as retail and wholesale trade and construction. There has also been a pick-up in public and private investment in infrastructure, transport and warehousing, reflecting Almaty’s growing role as a distribution hub serving Central Asian markets. The ongoing war on Ukraine, however, may have a negative impact on the operation of the Caspian Pipeline Consortium terminal on the Black Sea, potentially disrupting Kazakhstan’s oil exports,” the report notes.

The EBRD projects the gross domestic product (GDP) of the Kyrgyz Republic to grow by 4.6% in 2023 and 7% in 2024. 

Mongolia’s economy is likely to increase by 7.2% in 2023 and by 7.5% in 2024, while the economy of Tajikistan is expected to witness strong growth of 7.5% in both 2023 and 2024. 

Uzbekistan’s GDP growth is set to reach 6.5% in 2023 and 2024.

“The economies of Central Asia demonstrated strong growth in the first half this year, bolstered by a resumption of international trade and tourism, as well as high levels of migration and remittances from Russia,” the report notes.

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