IMF Mission states recovery of Kazakhstan’s manufacturing to pre-pandemic levels
The Head of the Kazakh Government was presented the expert estimates and forecast of the IMF on the economic situation in Kazakhstan as well as the ongoing policy to minimize the pandemic aftermath and support for people and businesses.
The IMF Mission noted the positive growth trend in of Kazakhstan’s real GDP in the first 10 months of this year being 3.5% and recovery of manufacturing to the pre-pandemic levels.
«The response measures taken by the official bodies played a key role in mitigating the impact of shocks on people’s incomes and economic activity. The economic policy measures included regulation of prices for socially significant foods, cash benefits to vulnerable households and targeted assistance to the most-hit sectors and enterprises of SMEs, including preferential loaning and tax breaks. The Employment roadmap projects helped support employment,» reads a statement by the IMF Mission.
According to the IMF forecast, Kazakhstan’s economic growth will stand at 3.7% in 2021 and will continue to recover.
The Mission commended the measures for strengthening financial control, inflation targeting, digitalization of tax and budgetary administration as well as commitments to achieve carbon neutrality by 2060.
The Kazakh PM pointed out that in order to ensure quality and sustainable development in the conditions of the new post-pandemic reality Kazakhstan switched to the new State planning system. Within its realization the Government developed the national projects in the regional development field, entrepreneurship, agro-industrial complex, ecology, digitalization, education and science, health, and public development. In addition, new approaches to attract investments were elaborated and a course towards «green» economy was set.
The sides also discussed the issues of monetary, currency, fiscal policy as well as banking situation, development of private sector and ongoing structural economic reforms in Kazakhstan.