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Kazakhstan: New Forecast Predicts Shrinking Economy For 2016

As bad as things may have got for Kazakhstan, authorities have tended to grasp the tender slip of consolation that the economy was expected to grow in 2016, if only slightly.

Analysts at the London-based Economist Intelligence Unit now beg to differ and are predicting that Kazakhstan is set for its first year of negative growth in nearly two decades.

“We have revised our forecast for Kazakhstan and now expect GDP to contract for the first time since 1998,” the think tank tweeted on January 22.

An accompanying table showed that the EIU believes the economy will shrink by 2 percent this year, posting negative growth for the first time since 1998.

Years of near double-digit growth were fueled by surging oil prices, and the slump has accordingly been caused by the collapse in the cost of the commodity, which accounts for about one-quarter of Kazakhstan’s economy.

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Kazakhstan: New Forecast Predicts Shrinking Economy For 2016

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