Macro - Country Economic Forecasts - Kazakhstan
Kazakhstan's growth prospects for 2022-2023 have deteriorated further due to the ongoing conflict in Ukraine, with GDP growth slowing to 0.9% next year before rebounding strongly to 5.5% in 2024. The current slowdown has been exacerbated by sharply higher inflation, now forecast to exceed 13% this year, which has prompted further tightening of monetary policy alongside steady budget deficit reduction. The significant increase in growth in 2024-2025 reflects the simultaneous recovery of investment, consumption, exports, and FDI, supported by significantly lower inflation and a better current account balance as non-oil exports improve.
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