World Bank revises Kazakhstan's 2024 GDP growth forecast down to 3.4%The latest Kazakhstan Economic Update, Winter 2023-24, from the World Bank (WB) reveals a GDP growth forecast of 3.4% for Kazakhstan in 2024.Еру World Bank had previously forecasted economic growth for the country at 4.3% in 2024 and 4.5% in 2025.“After rebounding from the adverse impacts of Russia’s invasion of Ukraine in 2023, growth is expected to slow to 3.4% year-on-year in 2024 due to lower-than-expected oil production,” the report said.According to WB analysts, real GDP is forecast to grow by 4.5%-5% in 2025 as the expansion of production capacity in existing oilfields is set to boost exports and spur growth of the petrochemical industry in 2025 and beyond.Investment in mining and manufacturing is anticipated to be steady. Household spending growth is expected to strengthen in 2024 as inflation subsides and financial conditions ease.Inflation is expected to decrease to 8% in 2024, 6.7% in 2025, and 5.6% in 2026. However, it will likely remain above the central bank's target in 2024 and 2025."Inflationary pressures started to ease in 2023, falling to 9.8% in December 2023, following monetary tightening. Achieving the National Bank of Kazakhstan’s (NBK) inflation target of 5% could be possible provided there is no premature monetary loosening alongside the implementation of fiscal consolidation plans. Continued measures to remove distortive subsidized interest rate policies will improve the effectiveness of the transmission of monetary policy,” the report said.Kazakhstan’s economic growth amounted to 3.9% in January 2024 and reached  5.1% in 2023. (ICE ALMATY)

Fonte notizia: INTERFAX