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Kazakhstan is more upbeat over economic prospects amidst positive news from Russia

19 may 2015, 23:30
Kairat Kelimbetov. By Yaroslav Radlovsky ©
Kairat Kelimbetov. By Yaroslav Radlovsky ©

The much-awaited Russia’s economic upturn enables Kazakhstan’s Central Bank to be more upbeat over the Kazakhstan’s economy growth, Newskaz.ru reports, citing Kairat Kelimbetov, the Central Bank Governor as saying May 19.

“We are expecting the Russia’s economy to recover in the Q3 and Q4, which is good news for all of us as the economic climate in the entire region depends on Russia’s economy growth capabilities”, he told at a press-conference in Almaty, Kazakhstan’s biggest city, today.

“We believe that with the current prices for oil standing at $55-60 per barrel, the Kazakhstan’s economy growth figure will stand at over 2% rather than at 1.5% (as was earlier estimated)”, Mr. Kelimbetov said.

He reminded that the Central Bank had earlier estimated the inflation rate would make up 5-8% at the end of the year. According to the current estimates made by the Bank’s experts, the figure is likely to stand at 5%.

“We believe there have been some positive changes made, which was possible through the great effort taken in the Q4 of 2014 and the Q1 2015 by the Russian Government and the country’s Central Bank, including inflation targeting efforts (…) Today Russia is expecting to bring the earlier estimated inflation rate of 17% to 11%”, he said.

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