Economic growth must stay above 5%. Kazakhstan has approved its Socio-Economic Development Forecast and draft Republican Budget for 2027–2029, with nominal GDP projected to rise from KZT 199.3 trillion to KZT 245 trillion over the three-year period, DKNews.kz reports.
The documents were approved at a Government session chaired by Prime Minister Olzhas Bektenov. The priorities include macroeconomic stability, social obligations, economic growth and accelerated construction of infrastructure and social facilities.
Kazakhstan expects GDP growth above 5%
According to the approved forecast, Kazakhstan expects average annual real GDP growth to exceed 5% in 2027–2029.
Nominal GDP is projected to increase significantly:
- 2027 — KZT 199.3 trillion
- 2029 — KZT 245 trillion
- Average annual real GDP growth — above 5%
Deputy Prime Minister and Minister of National Economy Serik Zhumangarin presented the Socio-Economic Development Forecast.
National Bank Chairman Timur Suleimenov addressed inflation, the balance of payments and the National Fund, while Finance Minister Madi Takiyev presented the draft Republican Budget for 2027–2029.
Economy grew 4.1% in seven months
The Government is also focused on reaching its economic target for the current year.
According to Bektenov, Kazakhstan’s economy expanded by 4.1% between January and July. By the end of the year, GDP growth needs to reach at least 5%.
The Prime Minister said the economic forecast takes into account both domestic conditions and risks in the global economy.
«The Head of State keeps the achievement of approved economic growth targets and the efficient use of budget funds under constant control. The forecast takes into account the current economic situation, external development conditions, and assessments by international financial organizations regarding global economic growth and external market conditions. The draft law on the republican budget was formed taking into account the need to maintain macroeconomic stability while simultaneously addressing the tasks of social security for the population and stimulating economic growth,» Olzhas Bektenov emphasized.
Nominal GDP to reach KZT 245 trillion
The projected increase in nominal GDP from KZT 199.3 trillion in 2027 to KZT 245 trillion in 2029 means the size of the economy in current prices is expected to increase by KZT 45.7 trillion over that period.
At the same time, the Government’s focus is not limited to the headline GDP figure.
The 2027–2029 framework combines several priorities:
- Maintaining macroeconomic stability
- Fulfilling social obligations
- Stimulating economic growth
- Accelerating infrastructure construction
- Building social facilities
- Strengthening financial discipline
- Improving the efficiency of public spending
- Investing in regions and human capital
This makes the effectiveness of budget expenditure one of the central elements of the new three-year fiscal framework.
Infrastructure becomes a budget priority
In line with President Kassym-Jomart Tokayev’s instructions, accelerated construction of infrastructure and social facilities will be among the main priorities of the 2027–2029 budget.
Government agencies were instructed to ensure that the approved socio-economic development targets are achieved.
Budget program administrators, meanwhile, were told to increase the return generated by every tenge of public spending and strengthen financial discipline.
Resources are expected to be concentrated on state obligations as well as economic, regional and human capital development.
Why budget efficiency matters
The Government’s targets create two parallel challenges: maintaining annual real economic growth above 5% while financing social and infrastructure priorities without undermining macroeconomic stability.
That puts greater pressure on the quality of public spending.
If nominal GDP reaches KZT 245 trillion by 2029 as forecast, the economy will be substantially larger in current-price terms. But the Government’s emphasis on the “return on every spent tenge” indicates that expenditure efficiency will be treated as an important measure alongside the overall size of the budget.
The focus on infrastructure could also influence longer-term growth by addressing constraints in transport, utilities and social facilities.
Draft budget to be submitted to Kurultai
The Ministry of Finance and the Ministry of National Economy, together with the Prime Minister’s Office, were instructed to ensure that the Republican Budget bill is submitted to the Kurultai.
Deputy Prime Minister and Minister of National Economy Serik Zhumangarin will coordinate the work.
The next stage will therefore shift the 2027–2029 fiscal framework from Government approval to legislative consideration, with economic growth, social spending, infrastructure and financial discipline at the center of the budget debate.
