ASTANA, July 15 (Alliance News): Kazakhstan’s Prime Minister Olzhas Bektenov announced on Tuesday that the government is aiming to boost the country’s gross domestic product (GDP) to $300 billion by the end of this year, describing the target as ambitious yet achievable.
Speaking at a post-cabinet meeting briefing, Bektenov highlighted that Kazakhstan’s GDP reached $286 billion in 2023. “Given the current pace of economic growth, we expect to cross the $300 billion mark this year,” he said.
To achieve this goal, the Prime Minister emphasized the need to accelerate investment, expand the manufacturing sector, promote non-oil exports, and enhance digitalization across the economy.
He also acknowledged that utility tariffs will continue to rise, indicating ongoing structural adjustments in the economy.
On currency concerns, Bektenov ruled out any sharp fluctuations in the tenge’s exchange rate, stressing that the National Bank of Kazakhstan does not artificially intervene in the foreign exchange market.
“There is no intervention from the National Bank. According to our assessments and those of leading experts, there are no grounds for a sharp depreciation of the tenge,” he stated.
Under the government’s baseline macroeconomic scenario, the tenge is expected to stabilize at 540 per US dollar, based on oil prices averaging $60 per barrel.
Bektenov’s remarks come as Kazakhstan continues to implement economic reforms, including a proposed increase in the value-added tax (VAT) to strengthen fiscal stability.
