Kazakh PM forecasts $300 billion GDP, expects tenge stability

Speaking at a briefing after Tuesday’s government meeting, Bektenov described the target as ambitious but achievable.

“Last year, our GDP reached $286 billion. This year, given the current pace of economic growth, we expect to cross the $300 billion mark,” he said.

To reach this goal, Bektenov stressed the need to advance key areas of economic policy, including boosting investment, developing manufacturing, supporting non-oil exports, and further digitalizing the economy. The Prime Minister also noted that utility tariffs will continue to rise.

Addressing questions about the national currency, Bektenov said sharp fluctuations in the tenge’s exchange rate are not expected. He emphasized that the National Bank does not artificially interfere in the foreign exchange market and that fundamental factors do not indicate any threat to the stability of the tenge.

“There is no intervention from the National Bank. According to our assessments and those of most serious experts, there are no grounds for a sharp depreciation of the tenge,” stated the Prime Minister.

He added that under the government’s baseline macroeconomic scenario, the exchange rate is projected at 540 tenge per US dollar, based on an oil price assumption of $60 per barrel.

Earlier, Kazinform News Agency reported that Prime Minister explained need to raise VAT rate in Kazakhstan.