Page 7 - Kazakh Outlook 2023

The World Bank amid the Ukraine war impacts is anticipating growth of
2% in 2022. In its Global Economic Prospects report series, the
international financial institution said the war effects were magnifying
vulnerabilities.

The international financial institution also said that it believed that,
although higher global commodity prices should provide windfalls that
help cushion activity in some economies such as Kazakhstan, these
benefits were likely to be limited, mainly because of supply constraints.
Those constraints included disruptions to the CPC pipeline across
Russian territory that Kazakhstan is highly reliant on for oil exports.
Kazakhstan's GDP was expected to grow by 3.0% in 2022 and 3.7% in
2023, according to Asian Development Bank (ADB) projections.

Kazakhstan's current account surplus is expected to come in at $1.9bn
in 2023, the country's central bank said in December.

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