Kazakhstan Leads Central Asia in Impressive GDP Growth


Kazakhstan has secured a prominent position in Gross Domestic Product (GDP) among Central Asian countries and the Commonwealth of Independent States (CIS), as reported by Finprom Financial and Business Analytical Service, as per a statement released by the Embassy of Kazakhstan in India.

The Finprom Financial and Business Analytical Service cited the World Economic Outlook by the International Monetary Fund (IMF), which was published in October of the current 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 percent more than in 2022, the largest increase in the region, the Embassy of Kazakhstan highlighted.

According to a Release, Kazakhstan's Gross Domestic Product (GDP) surpassed the combined GDP of Armenia, Belarus, Georgia, the Kyrgyz Republic, Moldova, Tajikistan, and Uzbekistan. Moreover, the IMF predicted that Kazakhstan's GDP will reach USD 354.7 billion by 2028, which is 36.8 percent or USD 95.4 billion, more in value than this year.

The Embassy of Kazakhstan notes that this is the most significant indicator among the countries in the region, second only to Russia. President Kassym-Jomart Tokayev of Kazakhstan has assigned a more ambitious goal to the country's government, targeting a doubling of the national economy's size to USD 450 billion by the year 2029.

As per Finprom, achieving this target hinges on maintaining a consistent annual economic growth rate of at least 6 percent, with a crucial emphasis placed on the implementation of projects in the manufacturing industry to play a pivotal role in realizing this strategic objective.

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