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IMF slashes Kazakhstan's 2012 GDP growth forecast again

12 november 2012, 13:27
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The International Monetary Fund (IMF) has slashed the growth forecast for Kazakhstan’s gross domestic product (GDP) in 2012 from 5.5 to 5 percent, KazTAG reports citing Juha Kahkonen, deputy director of the IMF's Middle East and Central Asia department.

“After 7 percent in the previous years, this year, according to forecasts, Kazakhstan will manage only a 5-percent growth,” he said at the presentation of IMF’s report called Prospects of development of regional economy: Caucasus and Central Asia on Monday.

According to the World Economic Outlook (WEO) issues by the IMF this October, the growth of Kazakhstan’s GDP is forecasted at 5.5 percent in 2012, while inflation will grow 5 percent. The country’s GDP growth will make 5.7 percent and inflation will grow 6.6 percent in 2013.

Meanwhile, the unemployment forecast has not changed: 5.4 percent in 2012 and 5.3 percent in 2013. This May the IMF forecasted Kazakhstan’s GDP growth at 6 percent and inflation at 6-7 percent in 2012.

The IMF’s World Economic Situation and Prospects (WESP) outlook published in April 2012 expected the growth of Kazakhstan’s real GDP in 2012 at 5.9 percent versus 5.6 percent forecasted in September 2011. The growth of Kazakhstan’s real GDP was forecasted at 6 percent in 2013.

Besides, according to the April outlook, Kazakhstan inflation was expected at 5.5 percent in 2012 and at up to 7 percent in 2013, while the unemployment level was expected at 5.4 percent and 5.3 percent, correspondingly.

This February Kazakhstan government has reviewed the 2012 GDP growth forecast from 6.9 to 6 percent. According to Kazakhstan President Nursultan Nazarbayev, the growth of Kazakhstan’s GDP will make 7 percent.

According to Kazakhstan Ministry of Economic Development and Trade, real growth of Kazakhstan’s GDP will make 6 percent in 2013, 6.1 percent in 2014, 7.6 pe3rcent in 2015, 6.6 percent in 2016 and 6.9 percent in 2017. The nominal GDP will grow from 36.6 trillion tenge ($244 billion) in 2013 to 65.3 trillion tenge ($435 billion) in 2017.

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