Kazakhstan could benefit from greater female participation in the economy, expert says

According to World Bank’s Regional Director for Central Asia Tatiana Proskuryakova, if women participated in the economy on par with men, Kazakhstan’s GDP growth would reach 27%. (The rate was 4.8% in 2024.) The expert made this statement during the Women in Business forum held on Feb. 20 in Almaty.

«Despite progress in expanding women’s rights in Central Asia, barriers — especially in entrepreneurship — still exist. Gender equality is not only about justice but also about unlocking the economic potential of the region’s nations. If women participated more in the economy, GDP would grow by 27% in Kazakhstan and up to 63% in Tajikistan,» Proskuryakova said. 

She believes that the situation can be solved by amending the legislation to guarantee women’s rights to property, inheritance and access to funds for doing business. It is also crucial to invest in their education and professional training to equip women with the necessary skills to succeed in various economic sectors.

Halyk Bank CEO Umut Shayakhmetova shared a similar opinion, emphasizing that increasing women’s engagement and income remains an underestimated driver of Kazakhstan’s economic growth.

«Huge economic losses — up to $7 trillion in global GDP, to be exact — occur due to the gender pay gap. In Kazakhstan, women earn 26% less than men. Although more women attend college than men (54% vs. 46%), they are less often employed and earn less due to the glass ceiling — a situation in which it’s harder for women to advance in their careers and attain managerial positions, despite their experience and education,» she said.

Shayakhmetova sees supporting women’s entrepreneurship as one of the possible solutions to the problem. She also spoke about Halyk’s program called Women in Business which has made it possible for 600 women across Kazakhstan to obtain $13.9 million in easy loans. The program has been in place since 2018, providing interest rates ranging from 6% to 8%. Furthermore, the She’s Next, Empowered by Visa initiative has been active in Kazakhstan for four years. In 2024, 16,500 Kazakhstani women took part in the program, gaining knowledge about establishing and developing businesses, as well as the opportunity to pitch their business ideas and obtain funding.

The Women in Business forum took place on Feb. 20 in the InterContinental hotel in Almaty, uniting over 350 female entrepreneurs, experts and influencers.