Recently, the economy expanded amid the slacking external environment. Kazakhstan’s economy in 2019 is expected to grow at a modest rate. Kazakhstan holds rate, economy seen shrinking in 2020 Kazakhstan's central bank left its benchmark interest rate steady, but lowered its forecast for economic growth this year based on the deeper-than-expected fall in activity in the second quarter and the extension of the lockdown over the COVID-19 pandemic during the first half of August. Republic of Kazakhstan Executive Board Calendar. The Kazakhstan Economic Update (KEU) is a semiannual report analyzing recent economic developments, prospects, and policy issues in Kazakhstan. In 2020, Kazakhstan has been hit hard by the double whammy of the global Covid-19 crisis and the slump in oil prices in the first half of the year. All suggestions for corrections of any errors about Kazakhstan Economy 2020 should be addressed to the CIA or the source cited on each page. The report draws on available data reported by the government, the National Bank of Kazakhstan (NBK), and additional information collected as part of the World Bank Group’s regular economic monitoring. “The… "According to … In 2020, Kazakhstan's economy collapsed due to the COVID-19 outbreak, reporting a negative growth balance of 2.7%. The Minister of National Economy Asset Irgaliyev announced this at the Government meeting, Kazpravda.kz refers to the press service of the Ministry of National Economy. In 2019, Kazakh GDP grew by 4.5%, as domestic demand, business spending and construction boom supported economic activity. Kazakhstan's economic growth is largely based on gas and oil revenues (35% of GDP and 75% of exports). ... the pandemic has inflicted heavy economic damage on the region. Growth projections have been revised down since the April 2020 Regional Economic Outlook, the IMF says in … Kazakhstan’s evolution to a market economy hinges on diversifying away from oil and gas, with a lift from FDI. NUR-SULTAN – The Kazakh economy shrank by 2.6 percent in 2020 as it takes a heavy hit from the coronavirus pandemic, said Kazakh Minister of National Economy Ruslan Dalenov. The economy of Kazakhstan, central Asia’s largest energy producer, took a double hit from the coronavirus-related lockdown and the collapse in oil prices. State support measures, growing investment activity in the non-extractive sectors, real sector growth and increasing in lending supported the economy throughout 2020, said the minister. Primarily, in his research, Zhandos explores… No claims are made regarding the accuracy of Kazakhstan Economy 2020 information contained here. This page has economic forecasts for Kazakhstan including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Kazakhstan economy. He holds a PhD degree in Economics from the University of Massachusetts – Amherst. Covid-19 has substantially reduced external demand for Kazakh exports while stringent lockdown measures have adversely affected non-oil GDP, especially services. Kazakhstan's GDP indicator entered positive zone for the first time since March last year. October 09, 2020 Covid complicates that scenario. 2) The rank that you see is the CIA reported rank, which may have the following issues: By Zhandos Ybrayev NAC Analytica, Nazarbayev University Zhandos Ybrayev is a Senior Researcher at NAC Analytica – Nazarbayev University with a focus on macroeconomic theory, monetary policy and development economics. 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