ASTANA – The Central Asia Regional Economic Cooperation (CAREC) Institute predicts a sharp surge in the pace of Kazakhstan’s gross domestic product (GDP) development in 2025, reported Kazinform on July 29.
Photo credit: ranking.kz.
According to a CAREC Institute report, Kazakhstan’s economic growth slowed down this year. Kazakhstan’s GDP increased only by 3.7% in January-March compared to last year’s indicator. By 2025, according to CAREC estimates, this figure will rise to 5.2% – one of the best indicators in the region. Higher rates are demonstrated by Mongolia only.
The Asian Development Bank (ADB) and the International Monetary Fund (IMF) are more optimistic, offering more favorable forecasts – 5.3% and 5.6%, respectively. The World Bank experts are more skeptical, with a forecast of 4.7%.
CAREC experts recommend that countries focus on trade facilitation and concentrate on attracting investment and diversifying their exports. This may require technology upgrades to improve competitiveness. They noted that commodity prices remain stable, but trade and information technology are becoming the main drivers of GDP growth.
