- IMF Mission Chief for Kazakhstan, Nicolas Blancher, discussed the outcome of the 2023 Article IV consultation with Kazakhstan.
- Blancher provided insights into Kazakhstan’s economic prospects, key risks, and policy issues.
- Kazakhstan’s economic growth is currently strong, with a projected growth rate of 4.8% for 2023.
- However, growth may slow down in 2024 due to lower expected oil production.
- The IMF projects growth to remain around three to 3.5% over the medium term, depending on oil output and global factors.
- Key risks highlighted include uncertain global financial conditions and persistent inflation.
- Kazakhstan needs to diversify its economy and focus on structural reforms to address long-term risks, such as climate change and global decarbonization.
- The increase in the value-added tax (VAT) in Kazakhstan is supported by the IMF as a way to mobilize tax revenue.
- Kazakhstan’s VAT rate of 16% would remain within a mid-range compared to other countries.
Source: astanatimes.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
