Kazakhstan’s economy to grow 5% in 2023–2024, EBRD says

Kazakhstan’s economy would expand by 5% in 2023–2024, despite recent uncertainty brought on by oil prices, according to the European Bank for Reconstruction and Development’s Economic forecasts.

“The country has experienced tremendous growth in industries like as retail and wholesale commerce, as well as building. In addition, governmental and private investment in infrastructure, transportation, and warehousing has increased, reflecting Almaty’s rising importance as a distribution hub supplying Central Asian markets,” the European Bank for Reconstruction and Development’s (EBRD) said.

“The prolonged conflict in Ukraine may have a detrimental influence on the operation of the Caspian Pipeline Consortium terminal on the Black Sea, potentially interrupting Kazakhstan’s oil shipments,” EBRD added.

“The Central Asian economies displayed significant growth in the first half of this year, boosted by a revival of foreign commerce and tourism, as well as high levels of migration and remittances from Russia,” EBRD said.