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
Gaza hospital struck twice by Israel killing journalists and rescuers

Gaza hospital struck twice by Israel killing journalists and rescuers

Israel struck one of the main hospitals in the Gaza strip on Monday 25 August and then hit the facility again as journalists and rescue workers rushed to the scene, killing at least 20 people and wounding many more, local health workers said. It was among the deadliest of multiple Israeli strikes that have hit both hospitals and journalists over the course of the 22-month war, Associated Press reported. The assault came as Israel plans to widen its offensive to heavily populated areas, vowing to destroy Hamas after its 7th October attack in 2023.

Popular

Editor's choice
News
Gaza hospital struck twice by Israel killing journalists and rescuers

Gaza hospital struck twice by Israel killing journalists and rescuers

Israel struck one of the main hospitals in the Gaza strip on Monday 25 August and then hit the facility again as journalists and rescue workers rushed to the scene, killing at least 20 people and wounding many more, local health workers said. It was among the deadliest of multiple Israeli strikes that have hit both hospitals and journalists over the course of the 22-month war, Associated Press reported. The assault came as Israel plans to widen its offensive to heavily populated areas, vowing to destroy Hamas after its 7th October attack in 2023.