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Kazakhstan leads Central Asia and CIS nations in GDP growth, IMF reports

Astana, 26 December, 2023 (GNP): According to the latest findings from the International Monetary Fund’s (IMF) World Economic Outlook, Kazakhstan has emerged as a front-runner in Gross Domestic Product (GDP) among Central Asian and Commonwealth of Independent States (CIS) countries.

The analysis, released by Finprom financial and business analytical service on Dec. 25, highlights Kazakhstan’s robust economic performance and its pivotal role in regional economics.

Reported on the back of IMF data, Kazakhstan is projected to achieve a GDP volume of $259.3 billion in current prices for the current year.

This represents a staggering 15% surge compared to the previous year, marking the most substantial growth within the region.

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In a remarkable testament to its economic prowess, Kazakhstan’s GDP outstrips the combined GDPs of Armenia, Belarus, Georgia, the Kyrgyz Republic, Moldova, Tajikistan, and Uzbekistan.

Projections from the IMF indicate a further impressive trajectory for Kazakhstan’s economy, foreseeing a substantial rise to $354.7 billion by 2028.

This anticipated growth of 36.8%, amounting to an additional $95.4 billion, positions Kazakhstan at the forefront of economic expansion within the region, second only to Russia.

President Kassym-Jomart Tokayev has set an even more ambitious goal for the nation, aiming to double the size of the national economy to $450 billion by 2029.

To accomplish this, stable economic growth, estimated at a minimum of 6% annually, will be crucial. The realization of this strategic objective is anticipated through the implementation of pivotal projects in Kazakhstan’s manufacturing industry.

The latest IMF insights underscore Kazakhstan’s significant strides in economic development, positioning it as a key player in shaping the economic landscape of Central Asia and the CIS region.