Kazakhstan Anticipates Economic Growth with Emphasis on Social Spending in Future Years
Prime Minister Olzhas Bektenov recently gave his approval to the forecast for Kazakhstan’s social and economic development for the years 2025-2029. During a government meeting on August 27, Bektenov also approved draft laws on the national budget for 2025-2027 and on the guaranteed transfer from the National Fund of Kazakhstan for the same period.
The forecast takes into account estimates from international organizations regarding world economic development and the state of external commodities markets. For example, the International Monetary Fund predicts a global economic growth of 3.3% in 2025, with the oil price expected to be $78 per barrel.
Various sectors of the Kazakh economy are expected to see growth, with the manufacturing industry projected to increase from 5.4% in 2025 to 6.6% in 2029. The mining industry will experience an average annual growth of 2.9%, while oil production is set to rise from 97.2 million tons in 2025 to 104.8 million tons in 2029.
Other sectors such as agriculture, construction, transport services, and trade are also expected to see growth in the coming years. Goods exports are forecasted to increase from $82.3 billion in 2025 to $90.0 billion in 2029, while imports are projected to rise from $61.3 billion to $67.5 billion during the same period.
Inflation is expected to range from 5.5-7.5% in 2025 and decrease to 5% in 2027-2029. Revenues for 2025 are projected at 21.7 trillion tenge (US$45.2 billion), with a guaranteed transfer of 2 trillion tenge (US$4.2 billion) from the National Fund.
Significant allocations are planned for the social sphere, with 9.8 trillion tenge (US$20.4 billion) earmarked for 2025, including an increase in pension funds. The average pension for Kazakhstanis in 2025 is estimated to be 96,562 tenge (US$201).
The government also plans to focus on developing transport infrastructure, with an allocation of 568 billion tenge (US$1.2 billion) in 2025. Additionally, support for entrepreneurship, small, and medium businesses will amount to 204 billion tenge (US$424.7 million).
Overall, Kazakhstan’s economic outlook for the next several years seems promising, with plans in place to foster growth across various sectors and improve the country’s overall economic stability.
