Kazakh Government presents 2035 economic development plan
At today’s Government meeting, Deputy Prime Minister – National Economy Minister of Kazakhstan Serik Zhumangarin presented the long-term development forecast of Kazakhstan for 2026-2035, Kazinform News Agency reports.
It was drafted as part of the implementation of the new Budget Code and to estimate the volume of financial solvency of the state planning system documents.
He said three scenarios of the long-term development (basic, moderate and alternative) were considered.
The average 10-year economic growth in the alternative scenario is projected at 5.1%, and 4.3% in the moderate scenario. In the baseline scenario, the average annual GDP growth over 10 years will be 4.5%. The nominal GDP will rise as high as 473.2 trillion tenge in 2035. The basic indicators for 2026-2028 conform to the socioeconomic development forecast for the three years ahead.
The republican budget revenues in 2035 will grow to 66.8 trillion tenge. The guaranteed transfer is projected to drop to 2.0 trillion since 2029. The budget deficit is defined with a gradual reduction to 0.4% of GDP in 2029 to reach zero starting in 2030.
He noted the net currency assets of the National Fund are forecast to grow from 60.8 billion tenge in 2026 to 109.9 billion US dollars in 2035.
Earlier, he said the real GDP growth in 2026 will be 5.4%. The average annual growth over three years is expected to stand at 5.3%.