Kazakhstan’s economy is showing clear signs of overheating. After growing by around 5 percent in 2023 and 2024, the economy is expected to expand by 6.2 percent in 2025, fueled by rising oil production, a loose fiscal stance, expanding quasi-fiscal activities, and rapid consumer lending. Inflation remains stubbornly high at around 12½ percent and the current account deficit is widening. The outlook faces elevated risks from persistent inflation, an uncertain external environment, and weaker oil prices.
International Monetary Fund. Middle East and Central Asia Dept. (Thu,) studied this question.