Kazakhstan’s Government aims For 6% Economic Growth

In January 2024, Kazakhstan’s economic growth was 3.9%, it was announced at a government meeting on February 13th. The country’s new prime minister, Olzhas Bektenov emphasized that the government’s priority task for this year is to ensure growth of no less than 6%.

Bektenov stressed that priority should be given to manufacturing products with high added value, as well as to exporting manufactured products. “Financial support should be provided proportionally depending on the level of technological complexity of production. That is, the more complex the production and the more technologically advanced, the lower the loan rate or the longer the loan term,” the prime minister said.

Bektenov also announced that there will be no increase in the value-added tax rate. “We must look for other ways to replenish budget revenues,” he said. 

On February 9th, at the first government meeting after he was appointed Kazakhstan’s prime minister, Bektenov outlined urgent tasks for his new cabinet, emphasizing that state budget expenditures must be clearly prioritized with an emphasis on obtaining full economic returns, and unproductive expenses should be completely excluded. 

The prime minister demanded that large industrial enterprises, primarily in the extractive industries, submit specific plans for the creation of new facilities manufacturing products with high added value. He also recommended domestic industrial giants increase the purchases of Kazakh goods, works, and services.