The World Bank has published Spring 2018 Economic Update for Kazakhstan. The World Bank’s real GDP growth forecast for 2018 has been revised upward, from 2.6 percent (in the previous Fall 2017 Economic Update) to 3.7 percent, due to better-than-expected oil prices and output.
Over the medium-term, the real GDP growth rate is expected to hover around 3 percent, as the contribution of the oil sector to economic growth declines relative to 2017-18 (when a structural shift in oil output occurred).
With oil prices projected to reach US$ 65/bbl on average in 2018-20, the current account balance is also projected to improve, from deficits in 2015-17 to surpluses in 2018-20.
The fiscal position will improve gradually in the wake of fiscal consolidation efforts.
