dc.contributor.author	World Bank
dc.date.accessioned	2025-02-11T17:27:53Z
dc.date.available	2025-02-11T17:27:53Z
dc.date.issued	2025-02-11
dc.description.abstract	Kazakhstan's economy is estimated to have grown by 4.0 percent in 2024. A temporary acceleration to 4.5–5.0 percent growth is projected in 2025, supported by a one-off surge in oil production, export growth, and continued fiscal stimulus. Growth is expected to moderate post-2025 due to persistently low productivity and declining investment, highlighting the need for diversification and new growth levers. Inflation is easing but remains above target, projected at 7.5–8 percent in 2025 and 6 percent in 2026. Fiscal policy remains expansionary, with the deficit expected to remain at 3.1 percent of GDP in 2025 before narrowing to 2.7 percent in 2026. While public debt remains manageable, rising domestic borrowing costs and reliance on the National Oil Fund for fiscal support pose sustainability challenges. The report identifies key downside risks, including declining global oil demand, prolonged budgetary expansion, and the impacts of extreme weather events on agriculture and infrastructure. The special topic section of the report discusses revenue mobilization reforms. Kazakhstan’s tax revenues lag significantly behind its peers, limiting the funding of essential services and long-term growth opportunities. The report outlines a comprehensive tax reform agenda to address fiscal challenges. Proposed reforms include transitioning to a progressive income tax system, phasing out inefficient tax incentives, improving VAT compliance, aligning excise taxes with environmental goals, and enhancing tax administration.	en
dc.identifier	http://documents.worldbank.org/curated/en/099059501272541786/IDU11da225421849a149901937e1a05880ba9ffc
dc.identifier.doi	10.1596/42791
dc.identifier.uri	https://hdl.handle.net/10986/42791
dc.language	English
dc.language.iso	en_US
dc.publisher	Washington, DC: World Bank
dc.rights	CC BY-NC 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	https://creativecommons.org/licenses/by-nc/3.0/igo
dc.subject	ECONOMIC GROWTH
dc.subject	INFLATION
dc.subject	FISCAL POLICY
dc.subject	TAX REFORM
dc.title	Kazakhstan Economic Update, Winter 2024-2025	en
dc.title.subtitle	Funding the Future - Boosting Revenues for Lasting Investments	en
dc.type	Report
dspace.entity.type	Publication
okr.date.disclosure	2025-02-11
okr.date.doiregistration	2025-04-14T11:52:13.307657Z
okr.date.lastmodified	2025-01-29T00:00:00Z	en
okr.doctype	Economic & Sector Work::Economic Updates and Modeling
okr.doctype	Economic & Sector Work
okr.docurl	http://documents.worldbank.org/curated/en/099059501272541786/IDU11da225421849a149901937e1a05880ba9ffc
okr.guid	099059501272541786
okr.identifier.docmid	IDU-1da22542-849a-4990-937e-a05880ba9ffc
okr.identifier.externaldocumentum	34449974
okr.identifier.internaldocumentum	34449974
okr.identifier.report	196872
okr.import.id	6552
okr.imported	true	en
okr.language.supported	en
okr.pdfurl	http://documents.worldbank.org/curated/en/099059501272541786/pdf/IDU11da225421849a149901937e1a05880ba9ffc.pdf	en
okr.region.administrative	Europe and Central Asia
okr.region.country	Kazakhstan
okr.topic	Macroeconomics and Economic Growth::Economic Growth
okr.topic	Macroeconomics and Economic Growth::Inflation
okr.topic	Macroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topic	Macroeconomics and Economic Growth::Taxation & Subsidies
okr.topic	Law and Development::Tax Law
okr.unit	EFI-ECA-MTI-MacroFiscal-1 (EECM1)

Publication: Kazakhstan Economic Update, Winter 2024-2025: Funding the Future - Boosting Revenues for Lasting Investments

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Kazakhstan Economic Update, Winter 2024-2025: Funding the Future - Boosting Revenues for Lasting Investments