EDB Prediction: Kazakhstan Poised to Become High-Income Country by 2028
Kazakhstan on Track to Become a High-Income Country by 2028-2029
A recent macroeconomic forecast from the Eurasian Development Bank (EDB) suggests that Kazakhstan is set to join the ranks of high-income countries by 2028-2029. The forecast, released on March 13, highlights the significant economic progress made by Kazakhstan over the past three decades.
According to the EDB report, Kazakhstan’s real GDP per capita has more than tripled, outpacing global trends. Factors such as increased life expectancy, reduced unemployment rates, and the near elimination of extreme poverty have contributed to the country’s impressive economic growth.
Key factors driving Kazakhstan’s economic ascent into high-income status include economic diversification, investment attraction, and state initiatives to develop infrastructure and key industries. The manufacturing sector, in particular, has seen significant growth, with 180 investment projects worth 1.3 trillion tenge implemented in 2024 alone.
To sustain this progress, Kazakhstan has embarked on economic reforms focused on liberalization, reducing state involvement, and enhancing investor conditions. Major investment sectors include industry, energy, agriculture, transport, and logistics. A new state support program for businesses aims to assist over 50,000 projects annually, with funding expected to reach 10 trillion tenge by 2027.
Achieving high-income status will unlock new opportunities for Kazakhstan, including greater investment appeal, improved economic resilience, and access to lower-cost financing. The country’s credit rating could rise to “upper medium” investment grade, easing financing for infrastructure and industrial projects.
As Kazakhstan transitions to a high-income nation, priorities will shift towards international specialization, human capital development, and institutional reforms. Overall, the forecast paints a positive picture for Kazakhstan’s economic future, positioning the country for sustainable growth and higher income levels.
In addition to Kazakhstan’s economic outlook, the EDB report also reviewed the global economic performance in early 2025. The global economy grew by 3.2% in 2024, driven by substantial expansion in emerging markets, with India leading the pack with 6.5% growth. The report also highlighted trends in the U.S., EU, China, and inflation rates in advanced economies.
Overall, the forecast points to a promising future for Kazakhstan as it continues on its path towards becoming a high-income country by the end of the decade.
