Recession not expected in Kazakhstan - National Bank

ALMATY. July 12 (Interfax) - A recession is not expected in Kazakhstan, National Bank Chairman Galymzhan Pirmatov said.

"Unlike in Russia, we do not expect any recession in Kazakhstan. On the contrary, we anticipate a further increase in inflationary pressure following additional fiscal stimulus resulting from positive trends in the business activities and the increasing demand and the growing economy," the National Bank quoted Pirmatov as saying.

The Kazakh National Economy Ministry is forecasting economic growth of between 2.1% and 3.9% for 2022. The National Bank forecasts 2.8%-3.8% GDP growth and 13%-15% inflation in 2022.

GDP grew 4% and inflation was 8.4% in 2021.