Kazakhstan’s Resilient Economy: Thriving Against Global Challenges
Kazakhstan Makes Strides in Economic Development Under President Tokayev’s Leadership
Despite facing challenges such as the coronavirus pandemic and global geopolitical tensions, Kazakhstan has shown significant economic progress over the past six years under the leadership of President Kassym-Jomart Tokayev, according to Prime Minister Olzhas Bektenov in a recent article.
By the end of 2024, the country’s GDP reached $288 billion, with GDP per capita increasing to over $14,000. Kazakhstan has made strides towards joining the group of high-income countries.
One of the key focuses of President Tokayev’s economic agenda has been diversification and industrial growth. The non-oil sector has seen significant development, with manufacturing output growing by 31.4% and construction expanding by 96.3% from 2019 to 2024. The processing sector has seen a nearly 6% growth rate in 2024, driven by 180 investment projects worth 1.3 trillion tenge (US$2.5 billion).
The petrochemical industry has also advanced, moving towards deep processing and producing high-value-added products like polymers and chemical reagents. Kazakhstan has attracted $130 billion in foreign direct investment over the past six years, with a focus on the processing industry.
In terms of trade, Kazakhstan’s foreign trade turnover has risen to $141.4 billion, with exports increasing to $81.6 billion. The country is also making strides in digitization and artificial intelligence, doubling its exports of IT services and establishing the Qazaqstan Venture Group to accelerate AI development.
The Alem.ai International Center for Artificial Intelligence is set to open this year, further facilitating the country’s digital transformation. Kazakhstan’s economic progress under President Tokayev’s leadership is a testament to the country’s commitment to growth and development.
