AKIPRESS.COM - Despite significant exposure to Russia, Kazakhstan’s economy grew 3.4 per cent year-on-year in the first half of 2022, the European Bank for Reconstruction and Development (EBRD) reports in its latest Regional Economic Prospects today.

The country’s oil exports reached US$ 42.2 billion, a level not seen since 2014. Elevated prices were the main contributor to this, but volumes increased as well by almost 10 per cent. Significant downside risks relate to possible interruptions of oil transit through Russia.

Banks in Kazakhstan are enjoying a steady inflow of new clients from sanctioned countries such as Russia and Belarus.

The main challenges for Kazakhstan are the implementation of fiscal consolidation measures and the delivery of its ambitious reform agenda.

Overall, the economy is expected to post 3.0 per cent growth in 2022, and 3.5 per cent in 2023.