Kazakhstan’s economic growth rate is forecast to reach 5.5% by 2025
Kazakhstan’s economic growth rate is forecast to reach 5.5% by 2025, the Kazakh Prime Minister, Bakhytzhan Sagintayev said at the 10th Astana Economic Forum on Thursday. He highlighted that in order to achieve this goal the government is working to accelerate the modernization of a variety of industries by improving the business environment and human capital, as well as ensuring productive employment. Priority is given development of fuel and energy, agro-industrial complexes, transport and logistics, tourism, trade, education and healthcare. In the meantime, the World Bank experts presented a systemic diagnostic analysis of the economic situation in Kazakhstan. According to the vice president for Europe and Central Asia of the World Bank, Cyril Muller Kazakhstan needs to further improve the competitiveness and effectiveness of public services to facilitate economic growth.
BAKHYTZHAN SAGINTAYEV, KAZAKH PRIME MINISTER:
- Step-by-step, we should reach 5.5% of growth rate. Not an easy task, but we have adapted to the current prices of the minerals. In Kazakhstan, other sectors of the economy begin are starting to rise. The economy is changing, the new industries are emerging, and new opportunities are being created. Therefore, today Kazakhstan is facing an ambitious task which is to consolidate the achieved successes and develop in a new global reality. This will allow us to confidentlyouip join the world's top 30 strongest economies.
CYRIL MULLER, VICE PRESIDENT, WORLD BANK:
- The very large investments in infrastructure of the last 15 years have positioned Kazakhstan to integrate itself in international markets and leverage its strategic geographic location. The challenges now for the Kazakh economy is to use these assets effectively as a foundation for future growth, so the success of Kazakhstan will not be to have the infrastructure being used just for transit purposes but for a growth engine of Kazakh economy integrating in the fast growing and dynamic region.
The Astana Economic Forum’s theme is ‘New Energy, New Economy’. The forum traditionally has brought together the leading scientists, economists and analysts from 100 countries. The forum features nearly 40 panel sessions in two days, with the participation of 4,000 people. Forum participants will discuss the future of the EAEU, cooperation between Arabic, European and the CIS states, new Silk Road’s transport and logistics potential, and Kazakhstan’s investment attractiveness.