Welcome to my blog page. Here you can not only follow expert opinions and read economic news, but also ask specialists questions on the activities of the Economic Research Institute.
We actively participate in the development of the most important state programs and bills, assess the economic situation in Kazakhstan, and conduct applied research in the field of economics based on the use of modern economic and mathematical models. The Institute monitors and audits the country's strategic and program documents.
Over the past year, Kazakhstan's GDP growth amounted to 4.5%. The main impetus to economic growth was given by large-scale stimulating measures from the state and high investment activity.
On the part of the sectors, construction, trade and transport have provided the main support to economic growth. Due to the drought and low yields, agriculture showed weak dynamics, the industry grew by 1% against 3.4% in 2018.
The annual inflation rate was 5.4%, which is significantly below the trend of the last 5 years. But despite a moderate increase in the general price level, food prices rose by almost 10%.
Real wages grew by 9%, a record figure in the last 8 years, and this was due to increase in government wages spending and 50% increase in the minimum wage.
The expansion of the budge expenditure side nfluenced the dynamics of the state budget deficit: the deficit grew from 1.3% in 2018 to 1.9% at the end of 2019
It’s hard to say for sure what 2020 promises us, since the complications associated with the coronavirus pandemic, oil prices falling, inflation and other issues daily change economy of all countries – current events make adjustments to the situation in the world.
Nevertheless, over the past ten years, Kazakhstan has been faced with global crisis phenomena several times and, due to anti-crisis measures, has adequately overcome these difficulties.
I am sure that the Institute’s website will become an additional form of our interaction with the audience and an effective platform for exchanging opinions with professionals.
Chairman of the Board
Economic Research Institute JSC