BAKU, Azerbaijan, February 16. Kazakhstan’s gross domestic product (GDP) will increase by 3.5 percent in 2023, Trend reports, referring to the latest economic report issued by the European Bank for Reconstruction and Development (EBRD).
The Bank also projects that the GDP growth rate in 2024 will reach 4 percent.
These estimates are in line with earlier projections made in September 2022.
The GDP growth in 2022 was amended slightly by 0.1 percent, however, and now the London-based institution estimates the growth during the previous year to be around 3.1 percent.
The report says that the impact of geopolitics on Kazakhstan was less severe than expected, as the country could benefit from increasing hydrocarbon prices.
According to the EBRD projection, percentage-wise Kazakhstan will exhibit the slowest growth among the Central Asian states. On the other end of the spectrum, Tajikistan is expected to demonstrate the highest growth in 2023-2024, reaching 8 percent growth per year.
The European Bank for Reconstruction and Development is an international financial institution aiming to unlock the growth potential of member countries. The London-based bank also systematically offers various reports dedicated to the analysis of economic conditions in its member countries.