2017 Economic Growth in Kazakhstan Forecast at 2.5%

Kazakh Economy Grows by 4.3%

IMF has increased its forecast of economic growth in Kazakhstan for the current year.

WASHINGTON (Sputnik) – The International Monetary Fund (IMF) has increased its forecast of economic growth in Kazakhstan for the current year, up to 2.5 percent from the October figure of 0.6 percent.

“While growth slowed in 2016, a pickup is expected in 2017,” the IMF said in a Wednesday statement, adding that economic growth in Kazakhstan “is projected to reach 2.5 percent in 2017 and non-oil growth should reach 4 percent by 2021.”

According to the IMF, inflation in Kazakhstan is expected to fall within the National Bank (NBK) target of 6-8 percent in 2017.

NBK reserves increased by $2 billion in 2016, the IMF said. Economic growth in Kazakhstan amounted to 1 percent last year, amid increased oil production.