/IRBIS, September 22, 04/ - Asian Development Bank (ADB) distributed
press release No. 115/04 concerning outlook of Kazakhstan economy for
year 2004 and 2005. Below is full text of ADB news release located at
(
http://www.adb.org/Kazakhstan/default.asp).
KAZAKHSTAN ECONOMIC GROWTH REMAINS BUOYANT IN 2005
ALMATY, KAZAKHSTAN (22 September 2004) - Kazakhstan's economic
growth will remain buoyant in 2005, driven by the oil and gas sector,
according to a major Asian Development Bank (ADB) report released today.
The Asian Development Outlook 2004 Update (ADO 2004 Update) issued by
ADB today, is an update of the ADO 2004 issued in April. ADO is ADB's
annual flagship economic publication analyzing and forecasting economic
trends in the Asia-Pacific region.
The ADO Update predicts the country's gross domestic product (GDP) will
grow 9.5% in 2004 and 9.0% in 2005, after 9.2% growth in 2003.
The ADO Update kept the GDP growth outlook unchanged for 2004, but
revised estimates downward to 9.0% for 2005.
World oil prices may ease somewhat over the closing months of 2004 and
moderate further in 2005. The outlook for oil prices and a possible need to
tighten financial policies to counter inflationary pressures led to the
revision of the forecast for 2005.
The ADO Update says employment growth will continue with the
diversification of the economy through industrial development. With its
capital-intensive nature, industrial output growth will likely exceed the
employment growth. Higher incomes resulting from industrial development
are fueling domestic demand.
Exports and imports are expected to grow more rapidly than projected in
April due to higher than expected world prices for key export commodities in
2004 and 2005, as well as implementation of large oil and gas investment
projects.
The fiscal position is expected to remain strong, as growing oil revenues and
strengthening tax administration will offset tax cuts. The budget deficit for
2004 is likely to total 0.5% of GDP, less than the Government's forecast of
1.9% of GDP.
The Asian Development Bank is dedicated to reducing poverty in the Asia
and the Pacific region through pro-poor sustainable economic growth, social
development, and good governance. Established in 1966, it is owned by 63
members - 45 from the region. In 2003, it approved loans and technical
assistance worth US$6.1 billion and US$177 million, respectively.
[2004-09-22]