Astana (TDI): Kazakh Prime Minister Olzhas Bektenov announced Tuesday that the country is on track to cross a major economic milestone this year, with gross domestic product (GDP) expected to exceed $300 billion.
Speaking at a press briefing following a cabinet meeting, Bektenov acknowledged the target as “ambitious,” but well within reach.
“Last year, our GDP reached $286 billion. With the current pace of economic growth, we are confident that we will surpass the $300 billion threshold by the end of this year,” he told reporters.
To achieve this, Bektenov said the government will focus on attracting more investment, strengthening the manufacturing sector, boosting non-oil exports, and accelerating the digital transformation of the economy.
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Moreover, he reassured the public regarding the national currency, saying there are no indications of major volatility in the exchange rate of the Kazakh tenge.
He emphasized that the National Bank of Kazakhstan is not intervening in the foreign exchange market and that economic fundamentals remain stable.
“There is no artificial interference by the central bank. Based on our analysis, as well as that of respected economic experts, there is no basis for a sharp drop in the tenge’s value,” he said.
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Under the government’s baseline macroeconomic assumptions, the tenge is expected to remain around 540 per US dollar, based on a global oil price benchmark of $60 per barrel.
Earlier this month, Kazakh media reported the government’s proposal to raise value-added tax (VAT) rates, a move Bektenov previously defended as essential to bolstering state revenue and meeting public spending needs.
Farkhund Yousafzai is an Associate Editor at The Diplomatic Insight.
