Kazakh Government presents forecast of socio-economic development for 2024-2028

Minister of National Economy of Kazakhstan Alibek Kuantyrov presented the country's expectations for socio-economic development for the next five years. The forecast was developed on the basis of data from international financial organizations and the current situation on world markets, El.kz reports with reference to the Government of the Republic of Kazakhstan.

As part of the forecast, three scenarios for economic development are identified: basic, optimistic and pessimistic. In the baseline scenario, the average price of oil is expected to be $80 per barrel.

Important points of the forecast:

The expected average annual GDP growth for the five-year period is 5.8%.

Inflation in 2024 will be 6-8%, decreasing to 5% by 2028.

Real GDP growth in 2024 will be 5.3%, reaching 6% by 2028.

Nominal GDP will increase from 135 trillion tenge in 2024 to 218.5 trillion tenge by 2028.

Sectors of the economy will show stable growth:

Industry: average annual rates - 4%, including manufacturing - 4.9%, mining - 3.1%.

Agriculture: average annual growth of 4.5%.

Construction: 8.8%. Trade: 7.4%.

Plans of foreign economic activity:

Exports are set to reach $83.1 billion in 2024, rising to $94.8 billion in 2028.

Imports will grow from $60.7 billion in 2024 to $65.6 billion in 2028.

In general, Kazakhstan expects sustainable economic development and growth of key sectors of the economy in the next five years.

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