12 Apr 2024 12:49

Kazakhstan targeting $500 bln GDP by 2029 - ambassador

ASTANA. April 12 (Interfax) - Kazakhstan aims to bolster its annual GDP to $500 billion by 2029, Dauren Abayev, the country's ambassador to Russia, said.

"We have an ambitious goal for 2029. Currently, our GDP stands at $270 billion, but we're aiming for $500 billion. That's the average figure for the UAE today, but we recognize this isn't our ceiling," Abayev said at a meeting with students at Tomsk State University.

Abayev emphasized the need to update tax and budget laws to boost Kazakhstan's economy and the government's active role in this effort. Abayev also highlighted the significance of improving education to develop human capital.

"We'll develop numerous solutions, with a focus on human capital. It's crucial to develop human capital, starting with universities," he said.

In February, Kazakhstan unveiled its national development plan, targeting a GDP growth of $450 billion by 2029. Notably, in 2023, Kazakhstan saw a 5.1% GDP growth, a significant rise from 3.1% growth in 2022.