Kazakhstan's economic growth rate accelerates – EDB
The Eurasian Development Bank (EDB) presented a Macroeconomic Review for six member states of the bank. According to analysts, Kazakhstan's GDP growth rate accelerated to 4% in January-September 2024, Kazinform News Agency correspondent reports.
“Kazakhstan's GDP growth rate accelerated to 4% y/y in January-September 2024, compared to 3.3% y/y in the first half of the year. The expansion of business activity is facilitated by improved growth dynamics in the services and trade sectors,” says the macro review.
Overall, the aggregate GDP of the EDB region of operations increased by 4.2% y/y in January–August 2024, analysts note. At the same time, the high rate of economic growth in the participating countries is maintained due to active domestic demand.
The inflation picture in the region remains mixed, the EDB reports. Also, Evgeny Vinokurov, the bank’s chief economist, said that Kazakhstan “super successfully” placed 10-year dollar bonds, which shows the interest of foreign investors in the country’s economy.
“Kazakhstan became a pioneer in entering international capital markets, having successfully placed 10-year dollar bonds for $1.5 billion with a coupon rate of 4.7%. This super-successful placement demonstrates the trust and great interest of foreign investors in the economy of Kazakhstan,” he noted.
The authors of the review also emphasize that the Eurasian region is not only influenced by global economic trends, but is also capable of influencing the global economy, which is possible, for example, through the development of new logistics routes, involving land transport communications connecting Asia, Europe and the Middle East in global supply chains of goods. This supports the sustainability of international trade, increases food security and allows diversification of sources of supply to world markets of goods, primarily agricultural products and metals, according to the EDB.
Earlier, Deputy Prime Minister - Minister of National Economy Nurlan Baibazarov reported at a Government meeting that, thanks to the measures taken, growth has accelerated for the third month in a row.