World Bank predicts 3.5% economy growth for Kazakhstan

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.

source: commonspace.eu with The Astana Times
photo: The Astana Times

Related articles

Editor's choice
News
Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell underlined that the European Union will make every effort to support the peace process and to remain a committed partner to the Afghan people. "Of course, we will have to take into account the evolving situation, but disengagement is not an option.  We are clear on that: there is no alternative to a negotiated political settlement, through inclusive peace talks.
Editor's choice
News
European Commission calls for the release of journalists and political detainees in Georgia

European Commission calls for the release of journalists and political detainees in Georgia

The High Representative and Vice-President of the European Commission Kaja Kallas, and Commissioner for Enlargement Marta Kos said in a statement on Friday that the Georgian Dream authorities have taken “further steps away from democratic standards” and called on them to “release all journalists, activists and political detainees.” The statement by Kallas and Kos says that the rushed adoption of amendments to the Code on Administrative Offences, Criminal Code and the Law on Assemblies and Manifestations by Georgian Dream will have far-reaching effects on Georgian society and will significantly undermine the rights to freedom of expression, freedom of assembly, and media freedom.

Popular

Editor's choice
News
European Commission calls for the release of journalists and political detainees in Georgia

European Commission calls for the release of journalists and political detainees in Georgia

The High Representative and Vice-President of the European Commission Kaja Kallas, and Commissioner for Enlargement Marta Kos said in a statement on Friday that the Georgian Dream authorities have taken “further steps away from democratic standards” and called on them to “release all journalists, activists and political detainees.” The statement by Kallas and Kos says that the rushed adoption of amendments to the Code on Administrative Offences, Criminal Code and the Law on Assemblies and Manifestations by Georgian Dream will have far-reaching effects on Georgian society and will significantly undermine the rights to freedom of expression, freedom of assembly, and media freedom.