Kazakhstan’s economy makes much headway growing by 4%, National Bank chair

Kazakhstan’s economy grew by 4% over the past nine months, National Bank chair Timur Suleimenov told the XII Congress of Financiers of Kazakhstan, Kazinform News Agency reports.

He said the global economy is susceptible to substantial risks due to geopolitical tension, global economic instability, high volatility at markets, changes in trading relations and redistribution of capital so the countries face a challenge to reconsider economic strategies and adapt to new realia.

He noted the country’s economy rose by 4% making much headway. Last year the economic growth hit a record high of 5.1% for the past 10 years.

Suleimenov also reported on positive inflation decline dynamics. Inflation rates dropped by 2.5 times since the peak recorded last February to 8.5% in October.

He stressed unemployment rates in Kazakhstan remain low to stand at 4.6%. The real wage index made 102.7%, average monthly wage increased by 11.3%. capital investments rose by 0.6%, and investments in the non-energy sector by 10.2%.

In conclusion, he said EBRD experts predict the country’s economy will accelerate by 5.5% in 2025.