Kazakhstan’s GDP Growth Forecast to Accelerate in 2025 According to International Institutions
The Central Asia Regional Economic Cooperation (CAREC) Institute has made a bold prediction regarding the future development of Kazakhstan’s gross domestic product (GDP). According to a report by Kazinform, the institute forecasts a significant surge in the pace of Kazakhstan’s GDP growth in 2025.
While economic growth in Kazakhstan has slowed down this year, with GDP increasing by only 3.7% in the first quarter compared to the previous year, CAREC estimates that by 2025, this figure will rise to an impressive 5.2% – one of the best indicators in the region. Only Mongolia is expected to demonstrate higher growth rates.
Optimistic forecasts from the Asian Development Bank (ADB) and the International Monetary Fund (IMF) project even higher growth rates of 5.3% and 5.6% respectively. However, the World Bank experts offer a more conservative estimate of 4.7%.
To achieve this projected growth, CAREC experts recommend that countries in the region focus on trade facilitation, attract investments, and diversify their exports. They emphasize the need for technology upgrades to improve competitiveness, as commodity prices remain stable but trade and information technology are becoming the main drivers of GDP growth.
Overall, the future looks bright for Kazakhstan’s economic development, with the country poised for significant growth in the coming years. It will be essential for policymakers to heed the recommendations of experts and work towards achieving sustainable and inclusive economic growth for the benefit of all citizens.
