ALMATY — Kazakhstan’s economy expanded by 6.4% in the January-November 2025 period, Prime Minister Olzhas Bektenov said at a Dec. 25 meeting of the Economic Policy Council, where officials reviewed measures to sustain growth, curb inflation, and raise household incomes.
Photo credit: Shutterstock
Participants discussed the joint 2026–2028 program of the government and the National Bank aimed at ensuring macroeconomic stability, modernizing fiscal policy, and reducing administrative barriers for business, reported the Prime Minister’s press service.
Officials reviewed global and domestic risks expected in 2026 amid forecasts of slowing global growth. The council focused on measures to ensure balanced economic expansion, create productive jobs, and increase median wages, highlighting the role of import substitution and domestic production through initiatives such as the Investment Order program. Attention was also paid to improving the quality and competitiveness of Kazakh-made goods by adopting modern technologies.
The meeting also highlighted Kazakhstan’s gradual shift from raw material exports to greater exports of finished goods, signaling progress toward a more diversified economic structure. Participants underscored the need to expand private investment in infrastructure projects, strengthen the role of second-tier banks in financing the real sector, and channel foreign investment into large projects with strong multiplier effects.
Bektenov identified inflation reduction as a top priority, calling for sustained declines in prices for food, non-food goods, and services.
“Despite the challenging external environment, our economy continues to develop. Manufacturing, construction, trade, and transport are all growing, indicating balanced expansion. We are seeing a downward inflation trend, and all agencies must ensure high-quality execution of the task of reducing inflation,” he said.
