Kazakhstan's Economy Booms, Targets $450B GDP by 2029
Kazakhstan's economy is booming, with key sectors driving growth and ambitious targets set for the future. The country aims to diversify its economy and expand high-value-added production to reach a GDP of $450 billion by 2029.
The government is focusing on several areas for economic growth, including oil refining, metallurgy, housing and utilities infrastructure, power generation, agriculture, and the mineral resource base, particularly rare earth metals. Emerging industries such as petrochemicals, automotive manufacturing, railway engineering, and fertilizer production also hold significant potential.
New projects in manufacturing and agribusiness are introduced annually, supported by corresponding industrial and transport infrastructure. A large-scale program led by Baiterek holding company aims to attract an additional 8 trillion tenge in investment, including 190 industrial projects worth 1.5 trillion tenge. Funding for priority sectors through Baiterek has increased substantially in 2022, with 17 major projects underway, including automobile manufacturing plants, chemical industry facilities, a metallurgical cluster, and the expansion of the Shymkent Oil Refinery.
GDP reached $286 billion in 2021 and is expected to surpass $300 billion in 2022. Prime Minister Olzhas Bektenov has stated that the target to grow the economy to $450 billion by 2029 is ambitious but attainable.
With strategic planning and investment, Kazakhstan's economy is on track to achieve its ambitious growth targets. The focus on diversifying the economy and expanding high-value-added production is expected to drive further progress in key sectors, leading to a more robust and resilient economy.
