Kazakhstan's GDP will grow by 6.2 percent in 2011, according to a forecast of the UN Economic and Social Commission for Asia and the Pacific (ESCAP).
"After a moderate growth of 1.2 percent in 2009, the economy surged by roughly 7 percent in 2010. Given the favorable external environment, the economy is forecast to grow by another 6.2 percent in 2011," UN Under-Secretary-General and Executive Secretary of ESCAP Noeleen Heyzer said Thursday during a presentation of the Economic and Social Survey of Asia and the Pacific 2011 in Astana.
"The strong response from the government proved critical in stabilizing the bank sector and achieving a turnaround of the economy. The recovery in the global demand for oil and minerals was reflected in the strong performance of industrial production, which rose by 10 percent in 2010. Agricultural production, however, fell significantly as grain yields were affected by severe droughts," she noted.
Meanwhile, Heyzer continued, "general inflation reached 7.1 percent in 2010, but exceeded 8 percent since January this year amid growing global food prices." "In February the government introduced ceiling prices for staple food products and the central bank tightened its monetary policy.
The government continues to support the economy, including through increased social spending and I would like to congratulate you on that, Prime Minister," she told Kazakh Prime Minister Karim Massimov.
The UN Under-Secretary-General emphasized that trade and energy cooperation with the major regional economies would gain in importance in the coming years.
"Improved regulation of the banking sector and maintenance of financial stability will continue to be important. Enhancement of the regional energy partnership will be highly useful to Kazakhstan," she concluded.
In his turn, Massimov said: "We understand that the achievement of sustainable economic development means new sources of growth and opportunity for our citizens. In this manner we will bring prosperity to the generations to come. But we also understand that international competition is tough and innovation is more important than ever before. That is why we are investing in our most valuable asset - our people - by expanding access to education, raising quality standards, improving the quality of vocational training and healthcare."
The prime minister also noted that "Kazakhstan appreciates the opportunity stemming from greater integration with the ESCAP countries, including more efficient communication of goods and ideas, wider access to markets and strengthening of investment ties."
"Kazakhstan will continue to work closely with ESCAP and other UN agencies to solve our common problems. In this connection we expect further steps from the UN, more economic programs for Central Asia," Massimov added./.