Kazakh Economist Aims to Double Country’s Economy by 2029
Yerkin Tukumov, director of the Kazakhstan Institute for Strategic Studies (KazISS), recently outlined an ambitious goal for Kazakhstan: to double the national economy to $450 billion by 2029. In a recent interview with the Astana Times, Tukumov emphasized the need to move from a raw material model to a more complex economy in order to achieve this target.
Tukumov highlighted the limitations of the current raw material model, which only offers 2-2.5% annual growth. To reach the $450 billion mark, he stressed the importance of transitioning to a more sophisticated, knowledge-driven economy driven by non-oil sectors and industrial initiatives.
While acknowledging the challenges that lie ahead, Tukumov expressed confidence in Kazakhstan’s ability to achieve this goal. He emphasized that the President has already set clear objectives for the manufacturing industry, petrochemicals, tax legislation, and attracting investment.
However, Tukumov also pointed out some factors that could hinder economic growth, including energy security and human capital. He discussed the need for Kazakhstan to transition to clean energy sources like solar and wind power, citing the declining cost of production from these sources.
Additionally, Tukumov highlighted Kazakhstan’s role in chairing six international organizations in 2024, including the Shanghai Cooperation Organization (SCO), the Collective Security Treaty Organization (CSTO), and the Conference on Interaction and Confidence Building Measures in Asia (CICA). He underscored the country’s commitment to leading and collaborating with these organizations to promote Kazakhstan’s interests on the international stage.
The interview also touched on the importance of regional cooperation among Central Asian countries, particularly in addressing water management and trade. Tukumov stressed the need for coordinated water policies and the establishment of cooperation institutions to guard against water shortages, especially in the context of climate change.
As Kazakhstan pushes forward with its economic agenda and international engagements, Tukumov emphasized the significance of removing barriers within the Central Asian region to facilitate trade and improve logistical connectivity.
Overall, the interview shed light on Kazakhstan’s determination to achieve its economic goals, pursue international leadership roles, and enhance regional cooperation. As the country navigates these complex challenges, it is clear that ambitious economic and diplomatic strategies are at the core of its long-term vision.