Business & Economy

Kazakhstan downgrades GDP forecast to 2.1 percent due to external factors

Nur-Sultan, Apr 5 (EFE).- The Kazakh government on Tuesday lowered its GDP forecast for 2022 from 3.9 percent to 2.1 percent as a result of a tense international political situation aggravated by the military conflict in Ukraine.

“In the context of the geopolitical situation (…) a worsening of the global GDP growth outlook is expected. The growth forecast of Kazakhstan’s GDP has been reduced from 3.9 percent to 2.1 percent,” Kazakh National Economy Minister Alibek Kuantyrov told a government meeting.

According to the minister, GDP growth in January and February was 3.5 percent.

“The forecast of macroeconomic indicators was corrected taking into consideration the foreign economic situation, assessments of the development of the world economy, and trends in the oil market,” he said.

In 2021, Kazakhstan’s GDP grew by 4 percent and the Kazakh government planned to maintain the same indicator in 2022.The renewed draft budget for 2022 foresees a deficit of 3 trillion tenge ($6.45 billion, €5.87 billion), equivalent to 3.3 percent of GDP. EFE


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