Republic of Kazakhstan: 2024 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. Middle East and Central Asia Dept.

Volume/Issue: Volume 2025 Issue 030

Publication date: January 2025

ISBN: 9798400299483

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Topics covered in this book

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Business and Economics - Statistics , Banks and Banking , Finance , Economics- Macroeconomics , Public Finance , IMF TA , IMF's holding , money-market development , inflation pressure , central bank communications , Policy effectiveness , NBK policy rate , oil revenue , IMF's transparency policy , Fiscal stance , Financial Sector Assessment Program , Government finance statistics , Global

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Summary

After reaching 5.1 percent in 2023, growth is expected to slow to 3.9 percent in 2024, while inflation would decline to 8.2 percent. The banking sector remains resilient amid continued rapid consumer credit growth. A moderate current account deficit is expected this year. The outlook is subject to elevated risks, including from an uncertain external environment. Decisive reforms are necessary to diversify the economy, make growth higher and more inclusive, and address challenges from climate change.