The Asian Development Bank has improved its forecast for economic growth in Kazakhstan for 2021 to 3.4%. In April, the financial institute expected the country's economy to grow by 3.2%.
"GDP growth amounted to 1.6% in Jan-May 2021 on an annualised basis due to a recovery in consumer spending, as retail turnover rose 6.2% in Jan-Apr. Mechanical engineering, building materials, light industry and construction increased by 7. 2%. Investments, excluding mining, by 25.5% in the first 5 months," said the ADB.
In addition, in the first quarter, real per capita income grew by 3.4% due to higher wages and government spending on the social sphere.
"In May, the government provided additional fiscal measures to support economic recovery programs. Factors that are likely to support growth in the coming months are the lifting of restrictions associated with the pandemic, higher oil prices and an increase in oil production under OPEC+, agreed with the Organization of Countries. oil exporters and its partners. The forecast of economic growth in Kazakhstan for 2022 remains at the level of 3.5%," the financial institute noted.
In general, the forecast for Central Asia's growth this year has been improved to 3.6%, from 3.4%, for 2022 it remains at 4%.
Meanwhile, the Ministry of National Economy believes that the forecast for GDP growth can be adjusted within 3.5-4%. The National Bank expects that by the end of 2021, GDP growth will amount to 3.6-3.9%, the IMF to 3.2%, the EDB predicts that GDP will grow by 4%, the World Bank, that the country's GDP will increase to 3.2%.
By Milana Beinoeva for LS (Kazakhstan).
