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231006 ||| eng |
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|a Kazakhstan Economic Update, Winter 2021/2022
|h Elektronische Ressource
|b Economic Recovery during Challenging Times
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|a Washington, D.C
|b The World Bank
|c 2021
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| 653 |
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|a COVID-19
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| 653 |
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|a Macroeconomics and Economic Growth
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| 653 |
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|a Inflation
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| 653 |
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|a Fiscal and Monetary Policy
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| 653 |
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|a Climate Change and Environment
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| 653 |
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|a Business Cycles and Stabilization Policies
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| 653 |
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|a Health, Nutrition and Population
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| 653 |
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|a Environment
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| 653 |
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|a Economic Growth
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| 653 |
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|a Disease Control and Prevention
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| 653 |
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|a Public Sector Development
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| 653 |
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|a Coronavirus
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| 653 |
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|a Poverty Reduction
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| 653 |
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|a Climate Change
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| 653 |
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|a Economic Recovery
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| 653 |
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|a Monetary Policy
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|a World Bank Group
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|a eng
|2 ISO 639-2
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|b WOBA
|a World Bank E-Library Archive
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|a Economic Updates and Modeling
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|a 10.1596/36772
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|u http://elibrary.worldbank.org/doi/book/10.1596/36772
|x Verlag
|3 Volltext
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|a 330
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|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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