Kazakh Minister forecasts 4% GDP growth
"Last year the country's GDP growth made 4%. We also plan and forecast 4% GDP growth in 2018. Inflation is expected at 6.2%, unemployment rate remains low to stand at 4.9%," he told the plenary meeting of the Foreign Investors' Council underway in Astana.
According to him, the good news is that volumes of metal mining industry in the GDP structure has reduced. The ore mining share decreased from 19% of GDP to 13%. "What we have now is the country's lesser dependence on external factors and base material sectors. At the same time, the key drivers of the country's diversification, such as processing industry and agriculture stand at 11% and 5%, correspondingly," he said.
Suleimenov pointed out five principles that will help transfer to a new economic model.
"In order to rank among the world's top 30 most developed countries by 2050, Kazakhstan should provide the GDP growth per capita at par from the current USD 26,000 per capita to USD 46,100. Labour productivity should also rise from 3.3% a year for the five years ahead to 4.7%," he stressed.