Kazakhstan Economic Update, Winter 2021/2022

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dc.creatorWorld Bank
dc.date2021-12-22T17:23:23Z
dc.date2021-12-22T17:23:23Z
dc.date2021-12-22
dc.date.accessioned2026-07-01T00:38:04Z
dc.descriptionAfter suffering a pandemic-driven slump in 2020, Kazakhstan’s economic recovery is on track, having sustained quarterly growth throughout Q3 2021. Reduced COVID-19 cases and the loosening of mobility restrictions support business activities and maintain the rebound in consumer demand. However, annual inflation surged to the highest recorded level since 2016, driven mostly by food price inflation and large-scale disruptions in global supply chains, eroding purchasing power, particularly for lower-income households. We project real GDP growth in the 3.5-4.0 percent range in 2022, although the economy will remain below the pre-pandemic baseline path for the entire forecast horizon. Growth will be supported by robust domestic activity, a supportive fiscal stance, and further progress in vaccination. Despite the improving economic outlook, downside risks remain. The risk of another potential COVID-19 outbreak cannot be ruled out. Rising inflation is another concern and would require a tighter monetary stance, potentially affecting domestic borrowing conditions. Volatile prices and uncertainty over the scale of demand growth for oil are other risks that could weaken the current account and pressure the exchange rate.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/undefined/566741640158785669/Winter-2021-2022
dc.identifierhttps://hdl.handle.net/10986/36772
dc.identifierhttps://doi.org/10.1596/36772
dc.identifier.urihttp://hdl.handle.net/123456789/407866
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo
dc.rightsWorld Bank
dc.subjectECONOMIC GROWTH
dc.subjectCORONAVIRUS
dc.subjectCOVID-19
dc.subjectPANDEMIC IMPACT
dc.subjectINFLATION
dc.subjectEXTERNAL BALANCE
dc.subjectMONETARY POLICY
dc.subjectFISCAL TRENDS
dc.subjectECONOMIC OUTLOOK
dc.subjectCLIMATE CHANGE
dc.subjectECONOMIC RECOVERY
dc.titleKazakhstan Economic Update, Winter 2021/2022
dc.titleEconomic Recovery during Challenging Times
dc.typeReport
dc.typeRapport
dc.typeInforme

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