ADB still forecasting 3.8% GDP growth for Kazakhstan in 2024

ASTANA. July 17 (Interfax) - The Asian Development Bank has maintained its economic growth forecast for Kazakhstan in 2024 at 3.8%, consistent with its April forecast.

The ADB said in its July 2024 Asian Development Outlook that its 2025 forecast for Kazakhstan was also unchanged at 5.3%.

"The growth prospects for Kazakhstan, the largest economy in the region, remain unchanged. Kazakhstan's economy expanded by 3.7% in the first quarter of 2024, driven primarily by the construction, manufacturing, and services sectors. Construction and manufacturing are expected to remain key drivers of economic growth this year, supported by government assistance in rebuilding infrastructure following the region's most severe floods in 30 years," the ADB said.

It said significant contributions to Kazakhstan's medium-term economic growth were expected from the extractive sector after the completion of the Tengiz oil field expansion project in the second quarter of 2025.

Inflation forecasts have also remained unchanged, with the ADB predicting a gradual slowdown to 8.7% in 2024 and 6.3% in 2025, consistent with their April projections.

Kazakhstan's economy grew 5.1% in 2023. Inflation was 9.8%, compared to 20.3% in 2022.