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IMF expects Kazakhstan's economic growth to slow in 2024

Baku. TurkicWorld:

The International Monetary Fund (IMF) projects Kazakhstan's economic growth to slow to around 3.5 percent in 2024, TurkicWorld reports.

"Kazakhstan’s economy has remained resilient. Real GDP expanded by 5.1 percent in 2023. For 2024, growth is projected to moderate to about 3.5 percent, supported by robust activity in manufacturing, construction, and services," reads the statement of Nicolas Blancher, IMF Mission Chief for Kazakhstan, following the visit of the IMF mission to Kazakhstan.

At the same time, the IMF expects that in the medium term, non-oil GDP growth will be in the 3–3.5 percent range, in line with its estimated potential, while a current account deficit will persist due to lower oil prices.

Meanwhile, Kazakhstan's Ministry of National Economy expects GDP growth to be 5.3 percent in 2024 and 6 percent in 2025 and 2026.

Furthermore, Kazakhstan's economic growth amounted to 5.1 percent in 2023. Last year, the volume of investments in fixed capital increased by 13.7 percent and amounted to $39.5 billion, while over the first nine months of 2023, $19.7 billion of foreign direct investment was attracted.

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