EBRD forecasts GDP growth of 1.5% in Kazakhstan in 2015

Feb 04. Kazpravda

By Xenia Voronina

EBRD forecasts GDP growth of 1.5% in Kazakhstan in 2015The Bank representatives stressed the record level of EBRD investments in Kazakhstan, which in 2014 reached $ 700 million that is half higher than in 2013.

European Bank for Reconstruction and Development forecasts the growth of Kazakhstan’s GDP in 2015 by 1.5%, Kazpravda.kz informs with reference to the press service of the Bank.

According to the regular report “Regional Economic Prospects”, comprising economic reviews and forecasts of the EBRD, “collapse of oil prices since mid-2014 and a decrease in prices of other commodities have generally pulled down the growth rate of the economy. According to the forecasts of the Bank, Kazakhstan’s GDP in 2015 will grow by 1.5%.”

Thus, the Bank revised its forecast for GDP growth in Kazakhstan in 2015, reducing it from 5.1% down to 1.5%. The slowdown in GDP growth is expected in other CIS countries. In Russia, the decline is expected to -4.8%, in Ukraine –   -5%, in Kyrgyzstan –   -3.2%, Turkmenistan – from 10% to 9.7%.

Recall that the Bank makes an annual “Transition Report”, which analyzes the state of transition from a “command economy” to the “open market economy” in the countries that receive investment from the European financial institution.