Kazakhstan stands out as the leader in Central Asia and the CIS in terms of gross domestic product (GDP) growth, according to the latest forecasts from the International Monetary Fund (IMF). The country ranks first in terms of GDP in the region, surpassing its neighbors, El.kz reports citing Finprom.
IMF analysts predict that Kazakhstan's GDP will reach $259.3 billion in 2023, up 15% from 2022, the most significant increase in the region. In terms of economic indicators, the country is ahead of such states as Uzbekistan, Belarus, Georgia and others. Only Russia has a higher GDP in the region, projected at $1.86 trillion.
The IMF also expects Kazakhstan's GDP to increase to $354.7 billion by 2028, up 36.8% year-on-year. Kazakh President Kassym-Jomart Tokayev sets a goal to double the country's economy by 2029, reaching $450 billion.
Kazakhstan's GDP per capita is also impressive. It is almost 13 thousand US dollars, which is comparable to that of Russia and significantly higher than that of many other countries in the region.
Kazakhstan's economic growth is resilient despite global challenges such as the pandemic and geopolitical tensions. Economic growth was 4.3% in 2021, 3.2% in 2022, and 4.9% expected in 2023.
The country is actively implementing measures to diversify the economy, with a focus on the manufacturing industry and the development of small and medium-sized enterprises (SMEs). This year, it is planned to commission 291 projects in non-resource sectors, including 170 projects in the manufacturing industry.
Support for SMEs remains a priority, with increased financial support and an increase in the number of people employed in the sector. An important step is also to improve the conditions for entrepreneurs and attract foreign investment in the country's economy.
In general, Kazakhstan shows significant growth in various sectors of the economy, including telecommunications, transport, construction and agriculture, which contributes to the overall increase in the country's GDP. This strengthens Kazakhstan's position as an economic leader in the Central Asian region and the CIS.