Kazakhstan aims at 4.5%-5% annual growth until 2025

ASTANA (TCA) — The Government of Kazakhstan on August 28 reviewed the implementation of the country’s Strategic Development Plan until 2025, the official website of the Prime Minister of Kazakhstan reported.

Minister of National Economy Timur Suleimenov reported that the main goal until 2025 is to achieve a qualitative and sustainable growth of the economy, leading to an improvement in the living standards of people comparable with the OECD (Organization for Economic Cooperation and Development) countries. For this purpose, it is planned that the economy will grow at a level of at least 4.5-5% on average per year, which will allow Kazakhstan to increase GDP per capita to $46,100 by 2025.

“Ensuring the planned growth rate is a prerequisite for achieving the set goals. At the same time, GDP does not fully reflect the quality of life, the level of real welfare of citizens and damage to the environment. In this connection, key national indicators measuring the quality of life of the population and the quality of economic growth are envisaged to measure progress on the way of the world’s top 30 developed countries and achieve the goal,” Suleimenov said.

In order to achieve key national indicators of the Strategic Development Plan until 2025, a Strategic Map was developed in which the indicators are broken down by sector and region. Suleimenov said that the breakdown of key national indicators determined the contribution to the final result of each relevant central state and local executive body responsible for their achievement. By sectors and regions, the most complex three indicators are: “productivity growth”, “investment in fixed assets”, and “the share of the non-observed economy.”

Sergey Kwan

TCA