Kazakhstan bags leading position in GDP growth among Central Asian countries, CIS States

Kazakhstan has bagged a leading position in Gross Domestic Product (GDP) among the Central Asian countries and the Commonwealth of Independent States (CIS), Finprom financial and business analytical service reported, according to a release by the Kazakhistan embassy in India quoting the Astana Times.

The Finprom financial and business analytical service referred to the International Monetary Fund’s (IMF) World Economic Outlook, which was released in October this year.According to IMF estimates, this year’s GDP volume at current prices in Kazakhstan is expected to reach USD 259.3 billion, which is 15 per cent more than in 2022, the largest increase in the region, the Embassy of Kazakhstan highlighted.

Kazakhstan’s GDP exceeded the GDP of Armenia, Belarus, Georgia, the Kyrgyz Republic, Moldova, Tajikistan and Uzbekistan combined, reported the Astana Times.Moreover, the IMF predicted that Kazakhstan’s GDP will reach USD 354.7 billion by 2028, which is 36.8 per cent or USD 95.4 billion, more in value than this year.

This is also the most significant indicator among the region’s countries, except for Russia, according to the Embassy of Kazakhstan.Kazakh President Kassym-Jomart Tokayev set a more ambitious task for the country’s government, which aimed to double the size of the national economy to USD 450 billion by 2029.

According to Finprom, this will be possible with stable economic growth of at least 6 per cent per year, and an essential role in achieving this strategic goal is given to implementing projects in the manufacturing industry, the Astana Times reported.