IMF raises GDP growth forecast for Kazakhstan to 5.9% y/y this year.

By bne IntelliNews May 5, 2011
The IMF raised its GDP growth forecast for Kazakhstan to 5.9% y/y this year. The main reason is resurgent commodity prices growth in Russia and China. The fund also noted that high oil prices and state support were enabling Kazakhstans economy to outperform other emerging markets despite the residual effects of its banking crisis. At the same time, the fund noted that the policymakers should be ready to tackle rising food prices and capital inflows as well as diversifying economy beyond oil and gas sector. The IMF also stressed that Kazakhstans pace of recovery compares favourably with other emerging economies and Kazakhstan is achieving the high growth rate despite serious difficulties in the banking sector. This is possible thanks to high oil prices and public sector support. To remind you, the IMF originally projected GDP growth at 4.5-5% in 2011.

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