World Bank forecast growth in Kazakhstan at 1.1% in 2016

The growth of Kazakhstan's GDP is forecast at 1.1% in 2016, according to the World Bank's Global Economic Prospects report for January 2016.

Growth in Kazakhstan is projected to remain flat in 2016 and pickup in 2017-2018, with the Kashagan off-shore oil field coming online and Russia's economy improving, said the Bank.

In 2017-2018, growth in Kazakhstan will reach 3.3% and 3.4%.

"Weak domestic demand may limit industrial and services growth, however, as households seek to restore savings, firms endeavor to strengthen balance sheets, and the government moves to consolidate fiscal accounts. External demand may also remain weak, as non-commodity trade volumes are subdued," said in the report.

The World Bank links GDP growth to resumption of oil production at Kashagan deposit and improvement in Russian economy.

Source: akipress.com