ADB has lowered the forecast of GDP growth in Kazakhstan in 2015 to 1.9%, Tajikistan - down to 4%

Astana. March 26. Silkroadnews - The Asian Development Bank (ADB) has lowered the forecast growth of Kazakhstan's GDP in 2015 from 5.2% to 1.9%; Tajikistan to 4%, said in an ADB's annual economic report "Forecast of development of Asia".
"Low oil prices and the decline in the Russian Federation have reduced growth in Central Asia by 1.5% to 5.1% in 2014. It is predicted that the growth of Kazakhstan's GDP will slow to 1.9% in 2015 and accelerate to 3.8% in 2016",- said in a statement.
In addition, due to the economic downturn in Russia and forecast of low commodity prices, the annual GDP growth in Tajikistan in 2015 will drop to 4.0%, and in 2016 is expected to decline to 4.8%.
The report notes that the reason for this is the lack of access to the sea, limited arable land and a narrow industrial base. For these reasons, Tajikistan is highly vulnerable to external shocks.
The weak economy of the Russian Federation will restrain export flows and remittances, which will slow down growth in Armenia, Georgia, Kyrgyz Republic and Tajikistan. Average growth in the subregion is forecasted at 3.5% in 2015 and 4.5% - in 2016.
According to the Permanent Representative of ADB in Tajikistan Si.Si.Yu, the current economic downturn underlines the urgent need for Tajikistan to develop the potential of its mineral resources and increase exports, thus softening its vulnerability to external shocks.
At the same time, developing countries in Asia will remain robust in 2015 and 2016, as a result of reduced prices of commodities and recovery in the major industrial countries.
In particular, GDP growth in developing countries in Asia will be at the level of 6.3% in 2015 and 2016. In 2014, growth was also 6.3%.