Economic growth in Kazakhstan can be about 2.5% in 2010 - Asian Development Bank

13.04.10 21:50
/IRBIS, April 13, 2010/ - In 2009, Kazakhstan's economy showed modest but still positive growth, although the first three quarters of last year has been to reduce the country's GDP, stated in the report of the Asian Development Bank, with reference to the released "Asian Development Outlook 2010". As indicated in the review, the economic growth of Kazakhstan in 2009 amounted to 1.2%. Growth in industry (excluding construction) - 1.8%, while in agriculture - 13.8%. One of the most serious consequences of the crisis in the banking sector has been a sharp decline in domestic demand. "The Government of Kazakhstan on time and properly respond to the problems in the banking and real sectors, by implementing anti-crisis plan" - is cited in the report Guangui Lee, Director, ADB Resident Mission in Kazakhstan. "In addition, the tenge devaluation in February 2009 as a whole contributed to the improvement of the situation - was reduced speculative pressure on the Kazakh currency, the tenge has remained relatively stable against the dollar, stored external reserves of the country". The review suggests that, given the global economic recovery projected economic growth in Kazakhstan can be about 2.5% in 2010 and 3.5% in 2011. The construction sector will likely continue to be faced with the difficulty of the situation in the real estate market. Overall, however, moderate economic growth is possible through increased investment in infrastructure and oil and gas sector. "Even if the fiscal space will remain limited in 2010, the Government will, apparently, will continue to implement measures of fiscal policy to maintain a high level of social spending and infrastructure investment," - are given in the message words Kioshi Taniguchi, an economist at ADB's Uzbekistan. "In this current account surplus is expected in 2010 and 2011 will remain positive due to the increase of exports due to high oil prices and rising non-oil exports as the global economic recovery." [2010-04-13]