The World Bank has predicted that Kazakhstan's economy will grow by 3.5% in 2023 and 4% in 2024, according to their updated review published on 6 April.
The growth is likely to be led by the hydrocarbons sector as oil production rises due to several new projects, with continued foreign direct investment in mining and the government’s affordable housing program sustaining investment.
With a growing economy, the report also adds that the poverty rate is expected to decline slightly to 14.7% in 2023, with the poverty line at $6.85 a day.
Although it will remain high this year due to increased food and fuel prices since the start of Russia's full-scale invasion of Ukraine last year, inflation is expected to decrease.
Low-income households will remain vulnerable to income shocks, however, with high inflation potentially hampering government plans to tackle poverty.
