GDP growth in Kazakhstan has slowed, in particular due to the collapse in oil prices and to a lesser extent, because of the negative impact on domestic producers of the influx of cheap imports from Russia, according to the Bank’s forecast.
ALMA-ATA, 6 Nov. Michael Egorin. The European Bank for reconstruction and development (EBRD) has lowered its forecast of growth of Kazakhstan’s GDP in 2015 to 1.2% from 1.5% projected in may, according to a published economic forecast.
The growth of Kazakhstan’s economy in 2016, according to the current forecast EBRD, will amount to 1.5%, while in may the Bank had expected 2 percent growth.
“Growth in Kazakhstan, the region’s largest economy, has slowed dramatically due to the collapse in oil prices and to a lesser extent, because of the negative impact on domestic producers of the influx of cheap imports from Russia, as well as negative investment sentiment due to the Russian-Ukrainian crisis,” — noted in the publication.
EBRD, “challenging external economic environment and growing domestic pressure will continue to affect Kazakhstan in 2016, during which growth is expected at 1.5%”. The inflation rate in 2015, the EBRD is expected at 6.8%.
In General, in the region of Central Asia in 2015, according to EBRD, the economic growth will be at 3.8% compared with 6% last year.
“Although, on average, for 2015 the growth is expected to be 3.8%, and in 2016 will reach 3.9 percent, the figure is much below the safe average of 6% real GDP growth recorded in 2014. The main obstacle to the growth were two factors: the recession and low commodity prices”, — experts say the Bank.
