IMF World Economic Outlook: Kazakhstan Leads in GDP Growth Among Central Asian, CIS States

ASTANA – Kazakhstan occupies a leading position in terms of gross domestic product (GDP) among the countries of Central Asia and the Commonwealth of Independent States (CIS), reported Finprom financial and business analytical service on Dec. 25, referring to the International Monetary Fund’s (IMF) World Economic Outlook released in October.

Photo credit: IMF

According to IMF estimates, this year’s GDP volume in current prices in Kazakhstan is expected to reach $259.3 billion – 15% more than in 2022, the largest increase in the region.

Kazakhstan’s GDP exceeds the GDP of Armenia, Belarus, Georgia, the Kyrgyz Republic, Moldova, Tajikistan and Uzbekistan combined.

The IMF predicts that Kazakhstan’s GDP will reach $354.7 billion by 2028, which is 36.8%, or $95.4 billion, more in value than this year. This is also the most significant indicator among the region’s countries, except for Russia.

Kazakh President Kassym-Jomart Tokayev set a more ambitious task for the country’s government, which was to double the size of the national economy to $450 billion by 2029. According to Finprom, this will be possible with stable economic growth of at least 6% per year, and an essential role in achieving this strategic goal is given to implementing projects in the manufacturing industry.

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