EDB Forecasts Kazakhstan’s GDP Growth at 5%, 470 Tenge per Dollar Exchange Rate in 2024
In 2024, Kazakhstan is anticipated to achieve a 5% growth in its gross domestic product (GDP), with the inflation rate projected to decrease to 7.1%. The exchange rate is expected to range around 470 tenge per U.S. dollar, as outlined in the macroeconomic outlook for 2024 released by the Eurasian Development Bank (EDB).
“Investment activity stimulated by government measures to boost the investment appeal of Kazakhstan’s economic sectors remains the key driver of growth. The economic diversification policy may well encourage manufacturing to pick up growth speed. The projected easing of monetary conditions will also foster economic growth,” the report reads.
According to EDB analysts, the base rate might reach 10% at the end of 2024.
“With the easing of inflationary pressures from domestic consumer demand, we might expect a base rate reduction to 7–8% by the end of 2025. In the medium term, monetary policy will keep inflation within the target range of 5%. Deposit rates may start falling in the second half of 2024. Loan costs will be driven by the preferential financing programs introduced by the authorities,” the report notes.(Soure:astanatimes)
