UN reveals Kazakhstan’s real GDP growth forecast

Finance Materials 28 January 2023 16:02
Baku, Azerbaijan Trend News Agency
UN reveals Kazakhstan’s real GDP growth forecast

Kazakhstan’s real gross domestic product (GDP) growth is forecasted to amount to 3.4 percent in 2023, according to the 'World Economic Situation and Prospects 2023' report published by the United Nations Department of Economic and Social Affairs (UN DESA), Trend reports, citing the UN.

Among other Central Asian states Kazakh economy is projected to have the lowest growth rate in 2023. In comparison, the highest growth of 6 percent is projected to be registered in Kyrgyzstan.

The report also projects Kazakhstan’s real GDP growth for 2024 to reach 4.0 percent.

Meanwhile, the report estimates the change of the same indicator to amount to 2.6 percent.

World Economic Situation and Prospects is a report on the state of the world economy, providing global and regional economic outlook annually. The report is prepared by seven agencies and commissions of the UN.

Kazakh real GDP growth increased significantly after 2020. COVID-19 related restrictions and decline in economic activity led to a real GDP decline of 2.5 percent. The dip in 2020 was the only time Kazakhstan recorded a negative growth since 2010. The country recovered, however, in 2021 when the same indicator grew by 4.1 percent.