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Kazakhstan’s GDP forecast by 2020 end announced by Finance Ministry

08.07.2020, 18:43 10693
Small economic growth is expected in Kazakhstan by the end of 2020. This forecast was announced at a briefing in the Central Communications Service by Vice Minister of National Economy Madi Takiyev, Kazpravda.kz correspondent reports.

GDP growth in 2020. Today, this figure is minus 0.9%. On the results of six months, we will do recalculations," said Takiyev.

He recalled that the forecast for the economy was updated in early April.

A conservative forecast was laid down back then, very moderate data in the light of the fact that today there are unprecedented changes in the global economy: the largest reduction in the global economy over the past 100 years, caused by the consequences of the coronavirus pandemic spread, trade wars and a significant reduction in prices for energy," he elaborated.

In general, according to the Vice Minister, over the 5-month period, the services sector decreased by 6.2%, while the production of goods retains dynamics.

The growth in the manufacturing sector is 4.8%. These are specific figures for 5 months. As for the restrictive measures, they are for two weeks and are economically different from the state of emergency. For example, rail transport, air services, freight, construction, small non-food areas, shops remain. And there are other economic differences, that is, a certain amount of services remains," Takiyev stated.

Many support measures, he noted, were taken with a margin.

For example, on tax exemptions. Such benefits are valid until October 1, 2020. In general, the services sector will subsequently gain momentum; there is high dynamics in the manufacturing sector. As a result, there are grounds to believe that we can achieve small positive growth by the end of the year." - Takiyev inferred.

Source: kazpravda.kz

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