AKIPRESS.COM - The World Bank’s latest projection for the poverty rate in Kazakhstan is 15.5%, World Bank Senior Economist for Central Asia William Seitz said in an interview with Kapital.

Kazakhstan currently has the lowest poverty rate in Central Asia, he said.

"While Kazakhstan was once one of the highest performing countries in the world in terms of poverty reduction, it has achieved more limited progress over the past decade. This is largely due to a series of shocks that have disrupted economic growth and the income generating opportunities it provides," William Seitz added.

World Bank estimates of the poverty rate suggest it fell from 61% of the population in 2004 to 14% in 2013. But amid the regional economic slowdown and falling oil prices, over the following years the poverty rate climbed to 24% of the population by 2016. A subsequent recovery was cut short by the COVID-19 pandemic in 2020 that again pushed as many as 2 million Kazakhs into poverty, with poverty rates rising around the world. Thankfully, in Kazakhstan this proved temporary in most cases, and the poverty rate began falling again in 2021.