ASTANA – The Asian Development Bank (ADB) maintained Kazakhstan’s economic growth forecast for 2024 at 3.8%, according to the latest edition of Asian Development Outlook 2024, released on July 17.
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ADB also maintained the country’s economic growth forecast for 2025 at 5.3%.
Growth prospects for Kazakhstan, the region’s largest economy, remain unchanged. The economy grew by 3.7% in the first quarter, supported mainly by construction, manufacturing, and services.
“This year, construction and manufacturing will remain the main drivers of economic growth. Government’s assistance to victims and reconstruction of damaged infrastructure after the worst floods in 30 years will sustain robust construction growth. The central bank’s consolidated business activity index showed business activities expanding in May, supported by positive business sentiment as reported by the S&P Global’s manufacturing purchasing managers’ index. The mining is expected to make a sizable contribution to Kazakhstan’s medium-term growth after the completion of the Tengiz oil field expansion project in the second quarter next year,” the report says.
Inflation is expected to remain unchanged at 8.7% in 2024 and 6.3% in 2025.
