ALMATY — Cooperation with the World Bank remains one of the key pillars of Kazakhstan’s sustainable development, said Deputy Prime Minister and Minister of National Economy Serik Zhumangarin at an Oct. 17 meeting of the Swiss sub-group at the World Bank and International Monetary Fund.
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According to him, Kazakhstan’s three-decade-long strategic partnership with the World Bank has played a pivotal role in advancing economic reforms, reported the Prime Minister’s press service.
“Kazakhstan’s GDP will exceed $310 billion this year, accounting for about 60% of Central Asia’s economy,” Zhumangarin said, noting that the country’s economy has grown by over 5% for three consecutive years.
He highlighted that Kazakhstan aims to expand its GDP to $450 billion by 2029, maintaining annual growth of 5–6%.
“We have real and significant opportunities to achieve this. Cooperation with the World Bank is one of the key foundations for ensuring timely, confident, and sustainable development,” he said.
During his visit, Zhumangarin met with Antonella Bassani, World Bank Vice President for Europe and Central Asia, to discuss further collaboration. Kazakhstan proposed new areas of partnership, including the chemical industry, agro-processing, transport, and modernization of water infrastructure.
Zhumangarin also highlighted the importance of the new Partnership Framework Agreement (PFA), which will allow Kazakhstan’s quasi-public sector to access financing under World Bank standards once ratified.
The Kazakh delegation also met with representatives of Fitch, Moody’s, and S&P, presenting key macroeconomic indicators and structural reform priorities.
According to Zhumangarin, Kazakhstan’s economy has become significantly more diversified, with the oil sector’s share of GDP declining from 16.5% in 2010 to 8.1% in 2024, while manufacturing has overtaken extraction industries.
Small and medium-sized businesses now account for about 40% of GDP, compared to 25% a decade ago.
Foreign investment remains strong: in the first half of 2025, Kazakhstan attracted $10 billion in FDI, including $6.3 billion in non-extractive sectors. Investments in fixed assets grew by 13.5% in January-September.
Zhumangarin also presented recent fiscal and tax reforms, including a new Budget Code introducing counter-cyclical rules to reduce oil dependence and stabilize spending.
