IMF Staff Country Reports

Republic of Kazakhstan: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Kazakhstan

April 11, 2022

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Republic of Kazakhstan: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Kazakhstan, (USA: International Monetary Fund, 2022) accessed December 22, 2024

Summary

Activity returned to its pre-COVID level in 2021. Inflation remains well above the NBK’s 4–6 percent target band, and spillovers from sanctions on Russia will exacerbate price pressures and weaken economic growth in 2022. Kazakhstan benefits from strong fiscal and external buffers but risks to the outlook are elevated due to the uncertain impact on Kazakhstan of the sanctions on Russia and heightened domestic tensions since the January social unrest episode. In the medium term, non-oil growth under the baseline is expected to converge to about 4 percent. Sustainable growth will require greater economic diversification. Climate-related challenges are acute for Kazakhstan given its outsized hydrocarbon sector, high per-capita greenhouse gas emissions, and low domestic energy prices.

Subject: Economic and financial statistics, Expenditure, Fiscal policy, Fiscal stance, Government finance statistics, Inflation, International organization, Monetary policy, Prices, Public debt

Keywords: Central Asia and the Caucasus, Fiscal stance, Foreign currency lending, Global, Government finance statistics, IMF TA, Inflation, Kazakh authorities, Lending in the economy, Oil export capacity

Publication Details

  • Pages:

    66

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2022/113

  • Stock No:

    1KAZEA2022003

  • ISBN:

    9798400205040

  • ISSN:

    1934-7685

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