The most difficult period for Kazakhstan’s economy is over — minister

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ASTANA (TCA) — Minister of National Economy Kuandyk Bishimbayev told about the factors that influenced the growth of Kazakhstan’s economy at a briefing after the Government meeting on October 25, the official website of the Prime Minister of Kazakhstan reported.

Bishimbayev said that GDP growth in Kazakhstan amounted to 0.4 percent for the first nine months of this year.

“We believe that the most difficult period for Kazakhstan’s economy is over. We estimate that that period was in the first quarter of this year, the time of the lowest oil prices,” he said, adding that there has been a steady growth in the economy since June this year.

In the minister’s words, the economic growth was caused by the change of conditions for the main export products of Kazakhstan, including oil and iron ore, as well as a record-high harvest in agriculture collected in the current year.

The minister emphasized the great role of the Nurly Zhol state program of infrastructure development and the Anti-Crisis Plan of the Government and the National Bank of Kazakhstan in coping with the crisis.

Bishimbayev also explained the increased attention of investors in Kazakhstan’s agriculture sector.

“I think there are several factors that played a role. Firstly, we have a sufficient amount of land, cropland, grassland, etc… In addition, the Agribusiness 2020 program is being implemented consistently. Second, despite all the difficult years, there was a considerable amount of state support for agriculture, especially to those enterprises and investors that invest in processing of agricultural products, in the development of animal husbandry, and crop production,” Bishimbayev said.

He also attributed this interest to the opening of the Chinese market to Kazakhstani agricultural products.

The minister also said that another important factor was the sanctions Russia has imposed on goods from the European Union. They have opened a large niche in the market for agricultural and food products from Kazakhstan.

Sergey Kwan

TCA