IMF raises economy growth estimates for Kazakhstan

According to the International Monetary Fund (IMF) economy forecast, Kazakhstan’s economy is set to grow 6.5% in 2011 and 5.6% in 2012, Novosti Kazakhstan reports.In May the IMF forecasted that 2011 economy growth in Kazakhstan would only stand at 5.9%. An earlier estimate (as of October 2010) for 2011 was even lower, 5.1%. Kazakhstan’s President Nazarbayev has tasked the Government to ensure 7% economy growth.According to the National Agency for Statistics, economy growth figure in January – August made up 6.8%.As per the IMF estimates, inflation will reach 8.9% in 2011, dropping to 7.9% in 2012.The Government estimated inflation to be within the range of 6-8% in 2011.