Kazakhstan needs to outrun Switzerland at its current level by 2050
30 March 2017 18:14

Kazakhstan needs to outrun Switzerland at its current level by 2050

ASTANA. KAZINFORM In order to enter the 30 developed countries of the world by 2050, Kazakhstan needs to outrun Switzerland at its current level, Kazinform correspondent reports.

As Minister of National Economy Timur Suleimenov announced today at a press conference in CCS, in order to enter the 30 developed countries, Kazakhstan needs to increase GDP per capita (purchasing power parity) from current $25,000 to $60,000, indicators of Switzerland ($59,000), Ireland ($58,000) and Hong Kong ($58,000).

"Based on the current rates of economic growth, which we have within the framework of the forecast of socio-economic development for five years, we may be late on this task. Since our rates are set at about 3.5% per year. The world economy also grows around 3% a year. Therefore, in order to withstand this competition and get ahead, we need to look for new sources of growth and new model of growth", the minister said.

The press service of the ministry said that the key drivers in the new growth model will be those sectors of the economy that will ensure growth in productivity and exports. There is a great growth potential in traditional sectors: industry and agriculture. "To reveal this potential, we need to continue the extensive and intensive development of major branches of our economy", the minister said.

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