IMF Staff Country Reports

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.