Government reviews Kazakhstan’s development plan until 2022

ASTANA (TCA) — The Government of Kazakhstan on August 29 reviewed the forecast and main priorities of the country’s social and economic development for the period 2018-2022, the official website of the Prime Minister of Kazakhstan reports.

Minister of National Economy Timur Suleimenov reported that the document was developed to implement the goals and objectives defined in the “Kazakhstan-2050 Strategy”, the concept of joining the group of 30 most developed countries, the five institutional reforms, and the Third Modernization of Kazakhstan.

It was noted that since the beginning of the year, Kazakhstan’s economy has seen some improvement. The GDP growth for 7 months is 4.0%. By the end of the year, the economy is expected to grow at a level of 3.4%.

The basic scenario for the oil price of $45 was taken as the basis of the formation of the Forecast for 2018-2022 and State Budget parameters for 2018-2020.

Real GDP growth is projected at 3.1% in 2018, with a further increase to 4.2% in 2022. The average annual growth rate of GDP for the forthcoming period will be 3.7%.
Nominal GDP will grow from 55.9 trillion tenge next year to 75.9 trillion tenge in 2022. GDP per capita will be $9,000 in 2018, with an increase to $11,700 in 2022.

Due to the implementation of government programs, higher growth rates in the manufacturing industry are expected at 4.2%, in agriculture – 5.7%, in the construction industry – 4.0%, transport – 5.1%, and trade – 3.5%.

The National Bank retained the target corridor of annual inflation in the range of 5-7% in 2018, 4-6% in 2019, followed by a decrease to 3-4% in 2020-2022. The unemployment rate will decrease from 4.9% in 2018 to 4.7% in 2022.

To achieve such growth parameters, the main efforts will focus on the following priorities of economic policy: ensuring macroeconomic stability, accelerated technological modernization, improvement and expansion of the business environment, the human capital improvement, and institutional transformation.

Sergey Kwan


Sergey Kwan has worked for The Times of Central Asia as a journalist, translator and editor since its foundation in March 1999. Prior to this, from 1996-1997, he worked as a translator at The Kyrgyzstan Chronicle, and from 1997-1999, as a translator at The Central Asian Post.
Kwan studied at the Bishkek Polytechnic Institute from 1990-1994, before completing his training in print journalism in Denmark.

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