The economy is growing, inflation is decreasing - Alikhan Smailov on the results of Kazakhstan’s development for 2023
In an interview with the 24KZ TV channel, Prime Minister of the Republic of Kazakhstan Alikhan Smailov announced the forecast figures for GDP and inflation for 2023 and spoke about the implementation of key instructions of the Head of State Kassym-Jomart Tokayev.
As the Prime Minister noted, the republic was able to adapt to difficult external conditions.
“Despite the unfavorable factors prevailing on the global market, the country’s economy is growing steadily this year. If we ended last year with an increase of 3.2%, then over the 11 months of this year it amounted to 4.9%. At the end of the year, growth is expected to be close to 5%,” said Alikhan Smailov.
He added that positive dynamics are emerging in all major sectors of the economy. Thus, in construction the growth was 13%, in trade – 11%, in the communications sector – 8%.
“The main driver of economic growth is investment. The volume of investments in fixed capital increased by 15% and amounted to 15 trillion tenge,” the Prime Minister emphasized.
According to him, one of the main challenges of this year was inflation.
“As you know, the Head of State set the Government the task of reducing the inflation rate by half. To this end, operational and medium-term measures were implemented jointly with the National Bank. We expect that by the end of the year the inflation rate will be at 9.8%. This means that it will be reduced by half. Next year we will continue to work to reduce inflation even further: to the level of 6-8%. We are setting up such a corridor for ourselves,” said Alikhan Smailov.
He also added that the stability of the economy of the Republic of Kazakhstan is confirmed by international rating agencies.
“They set Kazakhstan’s rating at the level of investment reliability. Therefore, we can say that our economy has adapted to external factors. However, they still have a negative impact on the economy. Therefore, the Government will monitor the situation in the world in order to be prepared for various scenarios and take the necessary measures,” the Prime Minister noted.
