Kazakhstan on track to become high-income country by 2028-2029 - Eurasian Development Bank

ALMATY. March 13 (Interfax) - Kazakhstan is on track to achieve high-income status by 2028-2029, according to a March macroeconomic report published by the Eurasian Development Bank (EDB).

"The transition is expected to enhance the country's investment appeal, boost economic resilience, and provide access to cheaper financing. Additionally, it could pave the way for a new growth model focused on international specialization, human capital investment, and institutional improvements," the report says.

The EDB highlighted Kazakhstan's impressive economic progress over the past 30 years, including a threefold increase in real GDP per capita, an 11-year rise in life expectancy (now 75 years), a reduction in unemployment to 4.8%, and the near eradication of extreme poverty.

In 2024, Kazakhstan's GDP grew by 4.8%, while the combined GDP of EDB member states increased by 4.3%, matching the previous year's record.

On March 7, the National Bank of Kazakhstan revised the country's GDP growth forecast for 2025-2026 downward to 4.2%-5.2%, citing a number of factors including lower oil production estimates. By 2027, GDP growth is projected to stabilize around 4.5% amid fiscal consolidation.