Kazakh government presents socio-economic development forecast for the country
The development of Kazakhstan’s economy is positively assessed by international rating agencies. For example, the Moody’s and Fitch Ratings noted the high level of investment reliability of the country, Kazakh Minister of National Economy Ruslan Dalenov stated at the government meeting.
“On August 21 of this year, the “Fitch Ratings’ rating agency affirmed Kazakhstan’s rating at ‘BBB’ with a Stable Outlook. According to the agency, the country’s rating reflects the fiscal strength of the economy, effective measures to support the economy and the successful implementation of monetary policy,” Dalenov said.
He stressed that Kazakh government has already developed three possible scenarios for the development of the economy for the next five years. These are baseline, optimistic and pessimistic scenarios. Overall, the situation development will depend on external and internal conditions, Dalenov added.
“The average annual GDP growth would be 4 percent under the baseline scenario, 4.5 percent under the optimistic scenario and 3 percent under the pessimistic scenario. In view of the conservative approach, it is proposed that the baseline scenario be used as the basis for budget planning,” Dalenov said.
He also said that according to the baseline scenario, Kazakhstan’s real GDP growth is projected at 2.8 percent in 2021, while, according to the forecast, in 2025 it will reach 4.6 percent.
Concluding his speech, Dalenov stressed that the socio-economic development forecast is aimed not only at maintaining macroeconomic stability and ensuring productive employment, but also at sustainable and qualitative development of the national economy of Kazakhstan.