By ASTANA. Nov 21 (Interfax-Ukraine) – The International Monetary Fund (IMF) expects growth in Kazakhstan’s GDP to decelerate to 4.2% in 2024 from 4.6% in 2023, attributing the slowdown to delays in the project to ramp up production at the Tengiz oilfield, the IMF said in a statement.
“We expect the growth rate to be more moderate next year. The numbers will be lower than this year. One of the main reasons is the decline in oil production owing to delays in the Tengiz expansion project,” Nicolas Blancher, head of the IMF mission for Kazakhstan, said on Tuesday at a press conference in Astana.
“However, in the future, we expect growth to remain between 3%-3.5%. I am talking about non-oil growth. If we take overall growth, it could be different, depending on oil production volumes,” Blancher added.
Moreover, global conditions could negatively affect Kazakhstan’s economy, Blancher believes.
“I see many risks, both upward and downward [in GDP growth]. Downward owing to a decline in oil production, which is very important for the economy of Kazakhstan. In addition, global conditions, conditions of trading partners, opportunities for oil exports; all this affects the situation. In addition… geopolitical fragmentation could also play a role, including the sanctions factor, which must be taken into account,” Blancher noted.
