Tokayev aims for 4% annual growth of Kazakh economy, halved inflation rates in 2023

ASTANA. March 30 (Interfax) - Kazakh President Kassym-Jomart Tokayev has set a goal of sustainable economic growth of at least 4%, alongside halved inflation rates in 2023.

"It's necessary to ensure sustainable economic growth of at least 4% per year. For this, we need a drastic alteration of the economic development pattern. This requires systemic diversification and the development of market rules," Tokayev said at a plenary meeting of the lower chamber of the Kazakh parliament.

"Our primary objective is to create a competitive economy based on advanced technologies which is able to provide for itself," he said.

Kazakhstan posted 3.1% economic growth in 2022.

"Inflation rates should be halved as early as this year," Tokayev said.

"First and foremost, we need to control food prices. So, the development of the agro-industrial sector and trade remains is a key priority. We need to supply the domestic market with local goods in the first place. It is also important to ramp up agricultural production and to increase its added value," he said.

Kazakhstan had 1.3% inflation in February 2023, while year-on-year inflation reached 21.3%. Kazakhstan saw inflation of 20.3% in 2022.