IMF Staff Country Reports

Republic of Kazakhstan: 2022 Article IV Consultation-Press Release; and Staff Report

Publication Date:

December 14, 2022

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Inflation has surged to 18 percent while growth is projected to slow to 2.7 percent this year. High oil prices have strengthened fiscal and external buffers, while the revised budget increased public spending by 2½ percentage points of GDP to support activity. Subsidiaries of sanctioned Russian banks have exited the domestic market and regulatory compliance is being enhanced to avoid secondary sanctions. Risks to the outlook remain tilted to the downside, as adverse global conditions could lower oil prices and raise borrowing costs, while oil exports through Russian territory remain a major source of vulnerability. Accelerated economic diversification and private sector development are needed to attain sustainable and inclusive growth.

Series:

Country Report No. 2022/367

Subject:

International organization Monetary policy

Frequency:

regular