ASTANA – Prime Minister Olzhas Bektenov assured Kazakhstan’s economic trajectory remains strong, projecting the nation’s GDP to rise from $321 billion in 2025 to $498 billion by 2029. This aligns with President Kassym-Jomart Tokayev’s goal of reaching $450 billion, Bektenov said during an Oct. 30 plenary session of the Mazhilis, the lower house of Parliament.
Prime Minister Olzhas Bektenov. Photo credit: gov.kz
Addressing the questions from the deputies, Bektenov reaffirmed that President Tokayev’s directive to boost Kazakhstan’s economy will “unquestionably be fulfilled.”
“However, the government has set even higher targets in its work, as outlined in the approved National Development Plan of the country until 2029. According to this document, annual GDP growth should range from 5.6% to 6.9%. This is a very ambitious goal,” said Bektenov.
To achieve these targets, he emphasized the need for more efforts in economic diversification, reducing reliance on raw materials, and promoting high-value production domestically.
In the first nine months of this year, GDP increased by 4%, despite reduced oil production, with the agricultural sector growing by 11.4%, transport and trade by over 6%, and construction by more than 10%.
“Of course, this is not enough. We understand this, and that’s why we will continue and are already working on a key issue: attracting significant volumes of investment into the economy to implement large industrial and infrastructure projects in the country,” he added.
