Kazakhstan Economic Update, Winter 2021/2022: Economic Recovery during Challenging Times
After suffering a pandemic-driven slump in 2020, Kazakhstan's economic recovery is on track, having sustained quarterly growth throughout Q3 2021. Reduced COVID-19 cases and the loosening of mobility restrictions support business activities and maintain the rebound in consumer demand. However,...
Gespeichert in:
| Körperschaft: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2021
|
| Schriftenreihe: | Economic Updates and Modeling
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | After suffering a pandemic-driven slump in 2020, Kazakhstan's economic recovery is on track, having sustained quarterly growth throughout Q3 2021. Reduced COVID-19 cases and the loosening of mobility restrictions support business activities and maintain the rebound in consumer demand. However, annual inflation surged to the highest recorded level since 2016, driven mostly by food price inflation and large-scale disruptions in global supply chains, eroding purchasing power, particularly for lower-income households. We project real GDP growth in the 3.5-4.0 percent range in 2022, although the economy will remain below the pre-pandemic baseline path for the entire forecast horizon. Growth will be supported by robust domestic activity, a supportive fiscal stance, and further progress in vaccination. Despite the improving economic outlook, downside risks remain. The risk of another potential COVID-19 outbreak cannot be ruled out. Rising inflation is another concern and would require a tighter monetary stance, potentially affecting domestic borrowing conditions. Volatile prices and uncertainty over the scale of demand growth for oil are other risks that could weaken the current account and pressure the exchange rate |
| Beschreibung: | 1 Online-Ressource |
| DOI: | 10.1596/36772 |
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| 520 | 3 | |a After suffering a pandemic-driven slump in 2020, Kazakhstan's economic recovery is on track, having sustained quarterly growth throughout Q3 2021. Reduced COVID-19 cases and the loosening of mobility restrictions support business activities and maintain the rebound in consumer demand. However, annual inflation surged to the highest recorded level since 2016, driven mostly by food price inflation and large-scale disruptions in global supply chains, eroding purchasing power, particularly for lower-income households. We project real GDP growth in the 3.5-4.0 percent range in 2022, although the economy will remain below the pre-pandemic baseline path for the entire forecast horizon. Growth will be supported by robust domestic activity, a supportive fiscal stance, and further progress in vaccination. Despite the improving economic outlook, downside risks remain. The risk of another potential COVID-19 outbreak cannot be ruled out. Rising inflation is another concern and would require a tighter monetary stance, potentially affecting domestic borrowing conditions. Volatile prices and uncertainty over the scale of demand growth for oil are other risks that could weaken the current account and pressure the exchange rate | |
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| index_date | 2024-07-03T22:27:58Z |
| indexdate | 2024-10-12T04:03:00Z |
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| language | English |
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| publisher | The World Bank |
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| series2 | Economic Updates and Modeling |
| spellingShingle | Kazakhstan Economic Update, Winter 2021/2022 Economic Recovery during Challenging Times Business Cycles and Stabilization Policies Climate Change Climate Change and Environment Coronavirus COVID-19 Disease Control and Prevention Economic Growth Economic Recovery Environment Fiscal and Monetary Policy Health, Nutrition and Population Inflation Macroeconomics and Economic Growth Monetary Policy Poverty Reduction Public Sector Development |
| title | Kazakhstan Economic Update, Winter 2021/2022 Economic Recovery during Challenging Times |
| title_auth | Kazakhstan Economic Update, Winter 2021/2022 Economic Recovery during Challenging Times |
| title_exact_search | Kazakhstan Economic Update, Winter 2021/2022 Economic Recovery during Challenging Times |
| title_exact_search_txtP | Kazakhstan Economic Update, Winter 2021/2022 Economic Recovery during Challenging Times |
| title_full | Kazakhstan Economic Update, Winter 2021/2022 Economic Recovery during Challenging Times |
| title_fullStr | Kazakhstan Economic Update, Winter 2021/2022 Economic Recovery during Challenging Times |
| title_full_unstemmed | Kazakhstan Economic Update, Winter 2021/2022 Economic Recovery during Challenging Times |
| title_short | Kazakhstan Economic Update, Winter 2021/2022 |
| title_sort | kazakhstan economic update winter 2021 2022 economic recovery during challenging times |
| title_sub | Economic Recovery during Challenging Times |
| topic | Business Cycles and Stabilization Policies Climate Change Climate Change and Environment Coronavirus COVID-19 Disease Control and Prevention Economic Growth Economic Recovery Environment Fiscal and Monetary Policy Health, Nutrition and Population Inflation Macroeconomics and Economic Growth Monetary Policy Poverty Reduction Public Sector Development |
| topic_facet | Business Cycles and Stabilization Policies Climate Change Climate Change and Environment Coronavirus COVID-19 Disease Control and Prevention Economic Growth Economic Recovery Environment Fiscal and Monetary Policy Health, Nutrition and Population Inflation Macroeconomics and Economic Growth Monetary Policy Poverty Reduction Public Sector Development |
| url | https://doi.org/10.1596/36772 |
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