Kazakhstan's economy to growth at 6.3-6.5% this year, minister says

Kazakhstan's economy minister said on Thursday that the country's economy, Central Asia's largest, will grow by between 6.3 and 6.5% in 2025, up from 4.8% in 2024. I think we'll grow by about 6.3 to 6.5%." Like other Central Asian countries, minerals and energy giant Kazakhstan has been roiled by the fallout of the war in Ukraine, experiencing high growth rates fuelled partly by Western sanctions reorienting supply chains through the region.

Kazakhstan's economy minister said on Thursday that the country's economy, Central Asia's largest, will grow by between 6.3 and 6.5% in 2025, up from 4.8% in 2024. In an address to the country's senate, Serik Zhumangarin said: "We see good economic growth this year. I think we'll grow by about 6.3 to 6.5%."

Like other Central Asian countries, minerals and energy giant Kazakhstan has been roiled by the fallout of the war in Ukraine, experiencing high growth rates fuelled partly by Western sanctions reorienting supply chains through the region. But strong growth has been marred by surging inflation.

Last month, the government imposed price controls on fuel and utility prices, amid double-digit inflation that officials have blamed on stubbornly rising prices in Russia, Kazakhstan's neighbour and main trading partner. In November, Kazakhstan's annual inflation was 12.6%, down slightly from 12.9% the month before.

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