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WB lowers Kazakhstan’s GDP growth forecast

WB lowers Kazakhstan’s GDP growth forecast

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Date: 8 January 2016 17:12

Baku, Azerbaijan, Jan. 8

By Elena Kosolapova – Trend:

The World Bank (WB) lowered the forecast of Kazakhstan’s real GDP growth for 2016 and 2017, according to the WB’s annual Global Economic Prospects report.

The report said Kazakhstan’s real GDP growth is projected at 1.1 percent in 2016 and 3.3 percent in 2017. This is by 1.8 and 0.8 percent less than it was forecasted in June, 2015.

Kazakhstan’s GDP growth is projected at 3.4 percent for 2018.

WB explains Kazakhstan’s GDP growth in 2017 and 2018 with resumption of oil production in the Kashagan field and the improvement of the Russian economy.

Kazakhstan’s real GDP growth was 0.9 percent in 2015 (4.4 percent - in 2014, six percent - in 2013).

According to the report, the slowdown in Kazakhstan’s GDP growth is mainly due to a decrease in the external and domestic demand.

The decrease in oil revenues (about 70 percent of Kazakhstan's exports account for oil) coincided with devaluation of national currency in Russia and slowdown in growth in China, said the WB, adding this reduced the export revenues.

Domestic demand slowed as a result of tough monetary policy, as Kazakh authorities raised the base interest rates to protect the rate of tenge, the national currency of Kazakhstan, and as a result, industrial production was in stagnation in the country in 2015, said the bank’s report.

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