The International Monetary Fund (IMF) revised upward the 2015 economic growth forecast for Kazakhstan to 3.25 percent, the IMF says in a press release.
“Next year, growth is projected to pick up to 3.25 percent, driven by gradual recovery in oil prices and external demand. Still, the medium-term growth outlook is less favorable than projected last year, given the impact of lower oil prices and continued slow growth in Russia on non-oil potential growth in Kazakhstan,” the press release says.
“Real GDP growth is projected to decelerate to 2 percent in 2015. Weaker demand from Russia and China, lower oil prices, confidence effects, and continuing delays in the Kashagan oil field are the main factors behind the projected slowdown,” the press release says.
In May this year, the IMF’s economic growth projections for Kazakhstan were at 2 percent for 2015 and 3.1 percent for 2016.
In December 2014, the IMF’s projections were at 4.5 percent for 2015 and 5.5 percent for 2016.
In 2014, the Kazakh economy grew 4.3 percent. The government of the country expects the GDP to grow 1.5 percent – 2 percent in 2015.
