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Republic of Kazakhstan: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kazakhstan

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  • International Monetary Fund

Abstract

Growth is estimated to have reached 4.8 percent in 2023 and is projected to slow to 3.1 percent in 2024. Inflation declined to 9.8 percent in 2023, still well above the National Bank of Kazakhstan (NBK)’s target of 5 percent. Risks to the outlook are tilted to the downside. The state’s footprint in the economy remains large and structural reform implementation has been slow in recent years. Despite strong buffers, the economy needs to be better prepared for future shocks in both the short term (e.g., from war spillovers, inflation, and global economic and financial conditions) and the medium term (e.g., from geo-economic fragmentation, climate events, and global decarbonization).

Suggested Citation

  • International Monetary Fund, 2024. "Republic of Kazakhstan: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kazakhstan," IMF Staff Country Reports 2024/046, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2024/046
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