Kazakh Economy Demonstrates Greater Adaptability Amid Geopolitical Tensions, Says Minister of National Economy

ASTANA – Kazakh economy has demonstrated greater adaptability regardless of unprecedentedly greater inflation costs worldwide, raise in interest costs, and disruptions in worldwide demand and give chains, stated Minister of National Economy Alibek Kuantyrov by way of a press briefing with foreign media at the Central Communication Options on March 17 in Astana.

Minister of Economy Kuantyrov by way of a press briefing with foreign media at CCS on March 17. Photo credit: The Astana Occasions.

“We managed to retain optimistic monetary improvement. According to preliminary info, in 2022, our economy expanded by 3.two % year-on-year, with an raise in investments and foreign trade having the principal drivers,” stated Kuantyrov. 

According to the minister, the redirection of trade flows resulted in a essential raise in international trade volumes final year, with foreign trade turnover growing by 32.1 % and reaching $134.4 billion.

The minister addressed the country’s strategies to lessen the adverse effects of Western sanctions against Russia on the Kazakh economy. Kuantyrov stated that as portion of this function, the nation is in a dialogue with representatives of the United States (US) government agencies, like the U.S. Embassy in Kazakhstan, the Treasury Division, the Division of State, and the U.S. Congress.

 “We retain common speak to with our Western partners to go more than present issues of the impact of monetary sanctions on the monetary agents of Kazakhstan. The effectiveness of this function has been confirmed by the present removal of Bereke Bank [former subsidiary of Sberbank] from sanction lists. At the moment, the process of unblocking the transactions of Kazakhstan’s entities is in progress,” the minister stated. 

Kuantyrov pointed out that primarily for the reason that of Kazakhstan’s geographical spot and historical background, it has close monetary relations with all neighboring nations, like Russia and China. According to him, as a landlocked nation with intertwined industrial inter-sectoral linkages to the economy of Russia, Kazakhstan has been experiencing knock-on effects from sanctions. 

“Kazakhstan does not participate in sanctions against Russia but adheres to the principle that distinct corporations are not applying our territory to bypass them. At the precise exact same time, having a comprehensive member of the Eurasian Monetary Union (EAEU) and the Globe Trade Organization (WTO), we will continue trade relations with Russia and other nations,” he stated.