Asian Development Bank raised Kazakhstan’s GDP growth forecast to 2.6% in 2017 and 2.9% in 2018

Almaty. July 20. Silkroadnews – The Asian Development Bank (ADB) has raised its forecast for Kazakhstan’s gross domestic product (GDP) growth from 2.4% to 2.6% in 2017 and from 2.2% to 2.9% in 2018, KazTAG reports with reference to the bank’s statement.
“Forecast of Kazakhstan’s economic growth was revised upwards from 2.4% to 2.6% in 2017 and from 2.2% to 2.9% in 2018”, statement released on Thursday said.
The outlook for Central Asia has also been reconsidered for this year, as domestic demand and export growth in some countries have resulted in unanticipated economic recovery within the sub-region.
“Growth is expected to reach 3.2% in 2017 and 3.8% in 2018 compared to the previously projected 3.1% and 3.5%, respectively”, publication reads.
Headquartered in Manila the ADB operates to reduce poverty in the Asia-Pacific region through the economic and environmentally sustainable growth, as well as regional integration. 67 countries, 48 of which belong to the region, established the bank back in 1966. Last year the ADB’s total funds allocated amounted to $31.7 billion, including co-financing of $14 billion.