
Analysis by Region - Emerging Markets - Kazakhstan
Description
We've raised our forecast for 2026 GDP growth by 0.3ppts to 3.6% based on plans for a transport infrastructure upgrade, which will lift investment. We've also revised our 2025 forecast to 5.9% from 5.3% owing to activity markedly picking up pace in Q2. The Tengiz oil field extension coming onstream and the structural transformation of the economy – which is becoming a hub on the new trade route between China and Europe – will support growth in the near term. However, household credit and consumption are showing signs of overheating, justifying more monetary tightening in the remainder of this year.
Table of Contents
6 Pages
- Kazakhstan: Household demand shows signs of overheating
- Forecast overview
- Recent developments
- Short-term outlook
- Key drivers of our short-term forecast
- Economic risk
- Economic risk evaluation
- Background
- Economic development
- Structure of the economy
- Balance of payments
- Policy and politics
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