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Kazakhstan’s GDP growth expected at 5% - -Ministry of National Economy

Фото: Akorda

Фото: Akorda 13.11.2023 19:00 1212

The Head of State received Minister of National Economy Alibek Kuantyrov, El.kz reports with reference to the press service of the President of the Republic of Kazakhstan.

Kassym-Jomart Tokayev heard a report on the interim results of the country's socio-economic development for 10 months of this year.

It was informed that by the end of 2023, GDP growth is expected at the level of 5%. In the first half of the year, the volume of foreign direct investment reached $13.3 billion. Annual inflation decreased by 2 times to 10.8% (21.3% in February of this year). Alibek Kuantyrov said that the share of small and medium-sized businesses in GDP reached a record 36.4%. The production of small and medium-sized businesses exceeded 28 trillion tenge, the number of people employed in SMEs was 4.3 million people.

In 2023, 9 thousand projects were subsidized, the total amount of loans amounted to 669 billion tenge.

The Kazakh Head of State was informed that in order to reduce business inspections by 2 times, a new regulatory policy in the field of entrepreneurship will be introduced. A register of mandatory requirements and automation of the risk management system are being introduced.

Kassym-Jomart Tokayev was briefed on the development of new Budget and Tax Codes, investment policy and the development of public-private partnerships.

In addition, the Minister of National Economy reported on the implementation of the "Tariff in exchange for investments" program. In particular, in 2023, it is planned to attract 267 billion tenge, repair 5.8 thousand km of networks, increase the salaries of housing and utilities workers by 50%, reduce the wear and tear of networks by 3.2%.

At the same time, the President was informed about the implementation of the Concept for the Development of Rural Areas. Since the implementation of the "Auyl – El Besigi" program, the amount of funding from the republican budget has increased 7 times. During 2023, it is planned to implement 1.8 thousand projects in 771 villages.

Following the meeting, the Head of State instructed to continue work to ensure high-quality and sustainable economic growth, as well as the effective implementation of reforms.