Central Asia’s richest state poised for strong economic growth in 2024
Central Asia’s biggest and resource rich state Kazakhstan’s GDP grew by 5.1% in 2023. All major sectors experienced positive growth: construction increased by 13.3%, trade by 11.3%, information and communication services by 7.1%, transport services by 6.9%, and industry by 4.3%. In 2024, the government predicts further growth of at least 5.3%.
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Kazakhstan’s President, Kassym-Jomart Tokayev, outlined a new economic strategy for the country, targeting a 6–7% annual growth rate to double gross domestic product (GDP) by 2029. This economic growth should be supported by a balanced monetary policy designed to keep inflation at nearly 5%, alongside ongoing reforms in the social sector, according to Aigerim Sultanbekova, Chief Expert of the Economic Policy Analysis Department at the Kazakhstan Institute for Strategic Studies (KazISS).
“The World Bank forecasts stable economic growth for Kazakhstan over the next two years. GDP is expected to rise by 4.5–5% in 2025, driven by expanded production capacity and increased petrochemical exports. At the end of last year, the volume of fixed capital investments in Kazakhstan reached 18 trillion tenge ($40 billion), reflecting a 13.7% increase in real terms compared to 2022. Most of these investments were concentrated in industry, accounting for 45.7% of the total. Within this sector, the mining and metallurgical complex received 26.3%, while the manufacturing industry received 9.4%. Investments in real estate operations (construction) comprised 17.9%, and the transport sector accounted for 14%,” wrote
