HomeNewsDiplomatic NewsKazakhstan GDP growth leads among Central Asian, CIS States

Kazakhstan GDP growth leads among Central Asian, CIS States

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Astana, 26 December 2023 (TDI): According to the Finprom financial and business analytical service citing the International Monetary Fund’s (IMF) World Economic Outlook from October, Kazakhstan leads in terms of gross domestic product (GDP) among Central Asian countries and those in the Commonwealth of Independent States (CIS).

The latest figures reveal a staggering trajectory in Kazakhstan’s Gross Domestic Product (GDP), showcasing a robust 15% surge to a projected $259.3 billion in current prices for the current year, marking the most substantial increase among regional nations.

Surpassing the combined GDP of Armenia, Belarus, Georgia, the Kyrgyz Republic, Moldova, Tajikistan, and Uzbekistan, Kazakhstan stands as a beacon of economic vitality.

IMF forecasts paint an even more promising picture, projecting Kazakhstan’s GDP to soar to $354.7 billion by 2028, a remarkable 36.8% increase from the current year, exemplifying the highest growth trajectory in the region, second only to Russia.

Kazakh President Kassym-Jomart Tokayev has set an ambitious yet achievable goal for the nation, aiming to double the national economy’s size to an impressive $450 billion by 2029.

The blueprint for this ambitious target hinges on sustaining a robust annual economic growth rate of at least 6%. Crucially, the cornerstone of this strategy lies in the execution of pivotal projects within the manufacturing sector.

Also Read: Kazakhstan-Pakistan bilateral meeting held in Istanbul

According to Finprom’s analysis, Kazakhstan’s envisioned economic expansion necessitates steadfast dedication to realizing sustainable growth through strategic initiatives, primarily emphasizing the amplification of manufacturing endeavors.

President Tokayev’s visionary goal stands as a testament to Kazakhstan’s unwavering commitment to economic advancement, positioning the nation as a pivotal force in the region’s economic landscape.

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