Our country stuck in «middle-income trap» – Tokayev
ASTANA. KAZINFORM «Last year, Kazakhstan's economy grew by 3.2% only. In three months of 2023, this indicator made 4.9%. These figures are not bad, but they do not inspire optimism. We need to search for additional sources of growth,» Head of State Kassym-Jomart Tokayev said today at the meeting devoted to the country’s socio-economic development.
The President said that the Government must be more ambitious in economic growth-related issues.
«This is the imperative of the time, of the current situation. Our country got stuck in the «middle-income trap». We need to create a strong foundation for quality economic growth, otherwise, we will face stagnation of household income. According to experts,
«Experts say, Kazakhstan needs to ensure annual growth at 6%, i.e. 1.5 times higher than the current paces, to join the countries with a high household income,» Kassym-Jomart Tokayev said.