The IMF has lowered the forecast of GDP in Kazakhstan to 2.4% in 2016

Almaty. October 23. Silkroadnews - International Monetary Fund (IMF) forecasts growth of Kazakhstan's GDP by 1.5% in 2015 and 2.4% - in 2016, reports KazTAG citing the review of regional economies.
"Slowed growth of oil production (Azerbaijan, Kazakhstan), reduced cash flow from Russia (Uzbekistan) and a decrease in public investment (Turkmenistan), as well as the depreciation of the currency contribute to slower GDP growth", - said in the review of the IMF on Friday.
It is noted that due to the slowdown in China's economy the demand for exports from the countries of the Caucasus and Central Asia (CCA) will fall.
Relations with China are becoming more important, however the slowdown of the Chinese economy may reduce demand for exports from the CCA (especially gas and other goods from Armenia, Kazakhstan, Turkmenistan and Uzbekistan) and to reduce the volume of direct foreign investments", - the report says.
According to the IMF, from the CCA the most significant reduction in government revenue is expected in Azerbaijan and Kazakhstan.
"The effect on oil exporting countries can vary significantly. Countries that are heavily dependent on oil exports - especially the countries of the Gulf Cooperation, Algeria, Iraq and Libya - will face a reduction in government revenues by 10-20% of GDP. Relatively dependent on oil export countries such as Iran and Yemen, lost only 2% of GDP. Among CCA most difficult situation is in Azerbaijan and Kazakhstan, and the impact on Uzbekistan and Turkmenistan will be less significant due to their long-term contracts for the supply of natural gas",- explained in the review.