WB revises Kazakhstan’s 2018 GDP growth forecast from 2.6% to 3.7%

The World Bank's real GDP growth forecast for 2018 has been revised upward, from 2.6 percent (in the previous Fall 2017 Economic Update) to 3.7 percent, due to better-than-expected oil prices and output.

Over the medium-term, the real GDP growth rate is expected to hover around 3 percent, as the contribution of the oil sector to economic growth declines relative to 2017-18 (when a structural shift in oil output occurred).

With oil prices projected to reach US$ 65/bbl on average in 2018-20, the current account balance is also projected to improve, from deficits in 2015-17 to surpluses in 2018-20.

The fiscal position will improve gradually in the wake of fiscal consolidation efforts.