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Kazakhstan's economy grew by 5.1% in 2023, driven by exports and fiscal stimulus. The 2024 economic forecast anticipates a growth slowdown to 3.4%, with a rebound to 4.7% in 2025 due to increased oil production.
- Joint Economic Research Program in Kazakhstan
As Kazakhstan’s economy develops, ensuring no family is left...
- Kazakhstan Monthly Economic Update
Debt level rises. Fiscal policy tightens and current account...
- Joint Economic Research Program in Kazakhstan
Kazakhstan will register robust growth in the medium term as increased fixed investment, coupled with strong oil output and the continuation of monetary loosening drives the economy. The disruption to oil exports through Russian territory remains a key downside risk.
The economy of Kazakhstan is the largest in Central Asia in both absolute and per capita terms. In 2021, Kazakhstan attracted more than US$370 billion of foreign investments since becoming an independent republic after the dissolution of the former Soviet Union .
Kazakhstan’s economic forecast for the next two years is steady growth. 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.
Debt level rises. Fiscal policy tightens and current account turns positive. Regular updates on Kazakhstan's economy: current situation, basic trends, prospects and forecasts.
Since independence in 1991, Kazakhstan has experienced a remarkable economic performance. Rapid growth, fueled by structural reforms, abundant hydrocarbon resources, strong domestic demand, and foreign direct investment (FDI), has helped reduce poverty and transform the country into an upper middle income economy.
Since the 2000s, Kazakhstan has seen impressive economic growth driven by the first generation of market-oriented reforms, abundant mineral resources extraction, and strong FDI. Sustained economic growth has transformed the country into an upper middle-income economy, commensurately raising living standards and reducing poverty.
