International Business News – Kazakhstan News Agency reported that on August 23, President Tokayev hosted a working meeting on economic issues at the Presidential Palace. The meeting reviewed Kazakhstan’s socio-economic development forecast for 2023-2027 and the draft state budget for 2023-2025.
According to the macroeconomic indicators proposed by the Prime Minister of the government, in 2022, the real GDP growth of Kazakhstan will be at least 3%, and in 2023 this figure will reach 4%.
The President noted that the socio-economic development forecast has reached a balance. Nominal GDP growth is expected to reach 120.7 trillion tenge in 2023 from 103.6 trillion tenge this year, government data showed. According to forecasts, the budget revenue will increase from 10.5 trillion tenge to 13.5 trillion tenge due to tax increases.
The positive aspect of the state budget line is that guaranteed transfers from state funds will drop sharply from 4 trillion tenge in 2022 to 2.2 trillion tenge in 2023. A reduction in the non-raw material deficit from 8.3% to 6.8% by 2023 will have a positive impact on macroeconomic stability.
Finally, President Tokayev supported the government’s submission of the Kazakhstan socio-economic development forecast for 2023-2027 and the draft state budget for 2023-2025, instructing the government to ensure effective planning and allocation of budgetary funds.