y Laman Ismayilova
The World Bank (WB) has increased its forecast for Kazakhstan's GDP growth for 2017.
The WB January 2017 Global Economic Prospects report shows that the real GDP growth in Kazakhstan will amount to 2.2 percent in 2017.
The WB also forecasts Kazakhstan's GDP growth to recover to 3.7 percent in 2018 and to 4 percent in 2019.
The forecast for 2017 was increased by 0.3 percent as compared to the previous forecast of the WB published in June 2016, the forecast for 2018 remained unchanged, while forecast for 2019 is published for the first time.
In 2016 real GDP growth hit 0.9 percent in Kazakhstan compared to 1.2 percent in 2015.
The WB noted that for Kazakhstan as an energy exporter, energy price shocks could affect macroeconomic stability through spillovers to other sectors, such as construction and transportation, fiscal pressures, strains on the exchange rate, inflation or financial system instability.
Meanwhile, the real GDP growth of Uzbekistan will amount to 7.4 percent in 2017, according to the January 2017 report.
The WB expects that Uzbekistan will keep economic growth at 7.4 percent also in 2018 and in 2019 given stabilization of commodity prices.
In June last year, the bank forecasted economic growth of Uzbekistan for 2017 at the level of 7.3 percent.
Uzbek GDP grew by 7.3 percent in 2016, according to the WB estimates.
GDP growth rate in Turkmenistan will amount to 6.5 percent in 2017, according to the WB.
Turkmenistan will also increase the economy’s growth by 6.8 percent in 2018 and by 7.0 percent in 2019, according to the WB forecasts.
GDP growth rate in Turkmenistan amounted to 6.2 percent in January-November 2016, according to the country’s officials.