By Abdul Kerimkhanov
Currently, Kazakhstan is in the group of successful transition economies. The goal of the "Kazakhstan 2050" strategy announced by the former President Nursultan Nazarbayev is to enter the Top 30 most developed countries.
Kazakhstan's GDP will grow by 3.5 percent in 2019, and by 4.1 percent in 2020 according to the May review by the European Bank for Reconstruction and Development (EBRD), Kazakh media report.
In the November 2018 forecast, EBRD also predicted Kazakhstan’s GDP growth of 3.5 percent in 2019.
The new review notes that Kazakhstan's economy grew by 4.1 percent in 2018, driven by growth in net exports and consumption. Growth in consumption was facilitated by a positive real income growth after three consecutive years of decline.
"As a result of higher oil prices in 2018, the current account is almost balanced after a GDP deficit of 3.3 percent in 2017," the review says.
Wage growth from January 2019, as well as growth in real incomes, along with growth in consumer lending, will continue to stimulate private consumption, according to EBRD forecast.
The document underlines that GDP growth will decline slightly compared to 2018, to 3.5 percent in 2019 and 3.2 percent in 2020 as a result of slower growth in oil production than in the previous two years.
It is noteworthy that the economy of Kazakhstan increased by 4.1 percent in 2018. The official forecast of GDP growth is 3.8 percent for 2019.
Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94
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