Kazakhstan

Kazakhstan Leads Economic Reforms with Structural Renewal Efforts

Kazakhstan’s Economic Growth Targeted at 6-7% Annually to Double GDP by 2029

Kazakhstan’s President, Kassym-Jomart Tokayev, has set ambitious economic goals for the country, aiming for a 6-7% annual growth rate to double gross domestic product (GDP) by 2029. This new economic strategy is focused on maintaining inflation at nearly 5% through a balanced monetary policy and implementing ongoing reforms in the social sector.

The dynamics of main indicators show promising growth for Kazakhstan. In 2023, the country’s GDP grew by 5.1%, with all major sectors experiencing positive growth. Construction increased by 13.3%, trade by 11.3%, information and communication services by 7.1%, transport services by 6.9%, and industry by 4.3%. The government predicts further growth of at least 5.3% in 2024.

The World Bank forecasts stable economic growth for Kazakhstan, with GDP expected to rise by 4.5-5% in 2025. This growth will be driven by expanded production capacity and increased petrochemical exports.

In 2023, Kazakhstan became the leader in Central Asia and the Caucasus for venture transactions, with the country’s venture funding volume growing more than fivefold over the past five years, exceeding $110 million.

The government’s economic strategy includes approving the National Development Plan of Kazakhstan until 2029, which outlines key national indicators and principles for economic transformations. These principles focus on liberalizing the economy, protecting entrepreneurship, providing quality education, increasing productivity, and reducing regional disparities.

Implementing structural reforms to liberalize the economy will be crucial to Kazakhstan’s economic success. The government has developed a decree on measures to liberalize the economy, emphasizing institutional support, improving regulatory policies, and protecting business rights and interests.

By implementing these comprehensive economic reforms in alignment with international standards, Kazakhstan aims to position itself as a leading regional hub for technology and investment. With continued growth and strategic planning, Kazakhstan is on track to achieve its economic goals and emerge as a strong player in the global economy.

 

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