Forecasted Economic Growth forecasted at 2.5% in 2010 and 3.5% in 2011 - ADB report

    By Daniyar Sikhimbayev
    "The GDP growth rate in Kazakhstan will increase," economist at the Central and West Asia Department of the Asian Development Bank (ADB) Kiyoshi Taniguchi has said today presenting "Asian Development Outlook 2010" in Almaty.
    The report writes that taking into account the recovery of the world economy, economic growth in Kazakhstan is expected to be 2.5% in 2010 and 3.5% in 2011. "We hope the inflation rate will remain low, while the current account has surpluses. Kazakhstan's economy depends on oil prices, we hope these prices will be at a high level that will benefit the development of the country," Taniguchi said.
    "Recent difficulties showed vulnerability of the country's economy and its dependence on the oil sector, which implies the necessity of economy diversification. The financial sector must be extended as well by introduction of a wider range of financial instruments. The government must strengthen control over banks and the instruments of risks management," the representatives of the ADB noted.
    The ADB experts believe that the construction sector is likely to face difficulties still connected with the situation at the property market. But moderate economic growth is possible due to extension of investments to infrastructure and oil and gas sectors, according to Kazinform.