Kazakh govt expects economy to grow 5.6%, inflation to slow to 5.5%-7.5% in 2025

ASTANA. Aug 15 (Interfax) - Kazakhstan's government anticipates the economy will expand by 5.6% and inflation will slow to 5.5%-7.5% in 2025, the presidential press service said.

Kazakh President Kassym-Jomart Tokayev chaired a meeting on Thursday that discussed the country's social and economic development and the government's midterm outlooks.

"The president was informed about the indicators of social and economic development, the execution of the government budget in the seven months of 2024 and the macroeconomic parameters of the draft government budget for 2025-2027. The government expects the economy to increase by 5.6% and the inflation to slow down to 5.5%-7.5% next year," the press release says.

Tokayev asked the government to improve macroeconomic and budget forecasting, to introduce a transparent mechanism for prioritization of government spending at the central and local levels and to step the campaign against the shadow economy.

GDP grew 5.1% and inflation was 9.8% in 2023.