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Kazakhstan economy grows

18 July 2019 15:31 (UTC+04:00)
Kazakhstan economy grows

By Abdul Kerimkhanov

Kazakhstan's economy recorded a 4.1 percent growth in its GDP in January-June 2019, the same as in 2018. The level of inflation was higher than GDP growth and made up 5.1 percent. Investment in fixed assets increased by 11.7 percent.

These economic indicators should have a positive impact on the population’s welfare. He also added that the main task of Kazakhstan is to use all the opportunities and potential in full volume., said President of Kazakhstan Kassym-Jomart Tokayev at an expanded government meeting.

Kazakhstan holds the largest economy in Central Asia and the second in the post-Soviet space. Over the past few decades, the Kazakh economy has shown steady growth and a confident increase in gross domestic product (GDP) per capita. This contributes to the improvement of the social and economic conditions of the population and the reduction of poverty.

In turn, Kazakh Premier-Minister Askar Mamin noted that corporate income tax from small and medium-sized businesses will be transferred to the revenue base of local budgets. He added that this step will attract investment in the regions.

Mamin noted that regions actively attracting investment and developing entrepreneurship will receive additional taxes to local budgets.

Taking into account the demographic growth of Kazakhstan's population, it is necessary to provide jobs to 2.7 million of Kazakh citizens by 2025 in order to reduce the unemployment rate from 4.8 percent to 4.5 percent, he said.

"Therefore, the issue of opening jobs through attracting investment is a priority for the government. Measures will be taken to systematically modernize the national labor market," Mamin concluded.

Earlier, Mamin ordered the Cabinet of Ministers of Kazakhstan to ensure 5.0 percent of GDP growth this year.

According to the World Bank forecast, GDP growth in Kazakhstan will be 3.5 percent in 2019. At the same time, the experts also predicted inflation at the level of 6.1 percent.


Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

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