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Wednesday, September 22nd, 2021

Timur Suleimenov gives the forecast for GDP

by June 6, 2018 Key Issues

Minister of National Economy Timur Suleimenov shared the forecast for GDP growth in 2018.

GDP growth in 2017 was at 4%, our plans and forecasts for the current year also expect growth in the region of 4%. Inflation of 6.2% is expected within the target corridor; the unemployment rate remains low and is 4.9%. As for the qualitative changes in the structure of the economy, we can note the following: in the period from 2010 to 2017, largely reflecting the change in the world technological order, the share of services in the structure of our GDP has increased from 52% to 58%, � he said at the plenary session Foreign Investors Council.

According to him, a welcome development is the decline in the share of the mining industry in the GDP structure.

Despite the fact that the situation was quite favorable for price factors, as well as increased physical volumes, the share of the mining industry decreased from 19% of GDP to 13%. That is, our country’s lesser dependence on external factors and commodity sectors is evident. At the same time, the main drivers of our diversification – the manufacturing industry and agriculture – remain at the level of seven years ago, about 11% and 5% respectively, � the Minister said.

T. Suleimenov voiced five principles, which, in his opinion, will help move to a new economic model.

We believe that the transition to a new economic model requires the following basic principles from the state, business and society: ubiquitous orientation to productivity and quality, technological orientation of people, enterprises and industries, competition as a catalyst for growth, the predominant role of the private sector, balanced regional development, � the Minister has listed.

In order to achieve our goal of joining the top 30 by 2050, in the period until 2025, we need to ensure GDP growth per capita at parity from the current 26 thousand dollars per person to 46.1 thousand. The growth of labor productivity must also grow qualitatively from 3.3% per year for the previous five-year period to 4.7% � T. Suleimenov added.

Source: Government of the Republic of Kazakhstan