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 * Thursday, 19 December, 2024
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ASIAN DEVELOPMENT BANK: GROWTH PROSPECTS FOR KAZAKHSTAN REMAIN UNCHANGED

By Dana Omirgazy in Business, International on 18 July 2024

ASTANA – The Asian Development Bank (ADB) maintained Kazakhstan’s economic
growth forecast for 2024 at 3.8%, according to the latest edition of Asian
Development Outlook 2024, released on July 17.

Photo credit: Arab News

ADB also maintained the country’s economic growth forecast for 2025 at 5.3%.

Growth prospects for Kazakhstan, the region’s largest economy, remain unchanged.
The economy grew by 3.7% in the first quarter, supported mainly by construction,
manufacturing, and services.



“This year, construction and manufacturing will remain the main drivers of
economic growth. Government’s assistance to victims and reconstruction of
damaged infrastructure after the worst floods in 30 years will sustain robust
construction growth. The central bank’s consolidated business activity index
showed business activities expanding in May, supported by positive business
sentiment as reported by the S&P Global’s manufacturing purchasing managers’
index. The mining is expected to make a sizable contribution to Kazakhstan’s
medium-term growth after the completion of the Tengiz oil field expansion
project in the second quarter next year,” the report says.

Inflation is expected to remain unchanged at 8.7% in 2024 and 6.3% in 2025.




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