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Government considers forecasts of socio-economic development of Kazakhstan for 2021-2025

Tuesday, 25 August 2020, 10:31:43

At the government session chaired by Prime Minister Askar Mamin, the Forecast of the Socio-Economic Development of Kazakhstan for 2021-2025, draft laws "On the Republican Budget for 2021-2023", "On the Guaranteed Transfer from the National Fund of the Republic of Kazakhstan for 2021-2023", as well as the draft Decree of the President of the Republic of Kazakhstan "On the Allocation of a Targeted Transfer from the National Fund of the Republic of Kazakhstan for 2021’’ were considered.

Minister of National Economy Ruslan Dalenov, Chair of the National Bank Erbolat Dossaev, Minister of Finance Yerulan Zhamaubayev presented their reports.

Fitch rating agency in August 2020 confirmed the forecast of Kazakhstan’s investment reliability — BBB — stable, which is due to the timeliness of the anti-crisis measures taken, the successful implementation of structural reforms, the stability of the country's economy, low public debt, the effectiveness of the National Bank's monetary policy and a significant amount of fiscal reserves. Earlier, Fitch collectively revised down the credit ratings and outlooks of over 60% of the countries covered, incl. USA, Canada, Japan, Great Britain, France, Italy, etc.

According to the Forecast of Socio-Economic Development of Kazakhstan for 2021-2025, the average annual GDP growth rate for the forecast period will be 4%. Nominal GDP will grow from 76.7 trillion tenge in 2021 to 104.8 trillion tenge in 2025.

The National Bank has maintained the target corridor of annual inflation within the range of 4-6% in 2021, with a subsequent decline to 3-5% in 2025.

The Republican Budget for 2021 provides for new spending initiatives, including improving the status of teachers and medical workers by raising wages, state contributions to compulsory health insurance, per capita financing in secondary education organizations, providing the population with high-quality drinking water, developing local roads, gas supply, providing housing for young people and large families.

“It is necessary to qualitatively implement the planned measures to support the sectors of the economy, to make decisions smoothly and quickly. To achieve the set goals, taking into account the new realities, a draft of the country's budget was formed. The funds envisaged in it will allow fulfilling all social obligations of the state in full,” Mamin said.

The Head of Government instructed to ensure the submission of the specified bills and the Forecast of socio-economic development to the Parliament in due time.


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