The World Bank in Kazakhstan

Growth of Kazakhstan's economy is expected to decelerate to 3 % in 2022, as economic activity has been affected by lower-than-expected production of oil, high inflation and monetary policy tightening that is constraining consumer spending and private sector borrowing. In 2023-24, GDP growth is expected to accelerate to 3.5 and 4.0% (below expectations prior to the war in Ukraine), aided by additional oil coming on stream from the Tengiz expansion project.