U.N. forecasts lower GDP growth and inflation in Kazakhstan

The U.N. has published its World Economic Situation and Prospects 2024, a forecast on inflation and GDP growth for various countries including Kazakhstan in 2024 and 2025. The document is available on the organization’s website.

According to the U.N., the country’s GDP will grow at 4.8% next year. At the same time, inflation is expected to decline from 9.8% in 2023 to 8%.

In 2025, the inflation rate in Kazakhstan is going to decrease further to 5.8%, while its GDP will grow by just 4%, the U.N. report said.

«In the Commonwealth of Independent States (CIS), economic growth beat earlier projections, reflecting higher-than-expected growth in the Russian Federation, a moderate rebound in Ukraine after a deep contraction in 2022, and strong performance in the Caucasus and Central Asia. The aggregate GDP of the CIS and Georgia expanded by an estimated 3.3% in 2023 and is projected to grow by 2.3% in 2024. Higher inflation and the resumption of monetary policy tightening in the Russian Federation are expected to weigh negatively on the region’s growth in 2024,» the report said.

Inflation in CIS member states is expected to reach 5.4% in 2024 and 4.3% in 2025.