Republic of Kazakhstan: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Kazakhstan
January 27, 2026
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Kazakhstan’s economy is showing clear signs of overheating. After growing by
around 5 percent in 2023 and 2024, the economy is expected to expand by 6.2 percent
in 2025, fueled by rising oil production, a loose fiscal stance, expanding quasi-fiscal
activities, and rapid consumer lending. Inflation remains stubbornly high at around 12½
percent and the current account deficit is widening. The outlook faces elevated risks
from persistent inflation, an uncertain external environment, and weaker oil prices.
around 5 percent in 2023 and 2024, the economy is expected to expand by 6.2 percent
in 2025, fueled by rising oil production, a loose fiscal stance, expanding quasi-fiscal
activities, and rapid consumer lending. Inflation remains stubbornly high at around 12½
percent and the current account deficit is widening. The outlook faces elevated risks
from persistent inflation, an uncertain external environment, and weaker oil prices.
Subject: Commodities, Financial Sector Assessment Program, Financial sector policy and analysis, Financial sector stability, Inflation, Oil, Prices
Keywords: Financial Sector Assessment Program, Financial sector stability, Inflation, Oil
Pages:
79
Volume:
2026
DOI:
Issue:
017
Series:
Country Report No. 2026/017
Stock No:
1KAZEA2026001
ISBN:
9798229034739
ISSN:
1934-7685
