You won't overtake us
Kazakhstan has become the world's 47th largest economy according to the IMF
You Won't Overtake Us
Kazakhstan ranked 47th in the global rating of economies. Over the past year, the republic surpassed Portugal, Greece, and Finland in terms of economic scale.
In its October World Economic Outlook, the International Monetary Fund estimated Kazakhstan's nominal GDP at nearly $398 billion by the end of the year. Based on these calculations, the Visual Capitalist portal compiled a list of all the world's countries by economy size. The material used the fund's data in current dollars at the market exchange rate.
According to the fund's forecast, Kazakhstan's real GDP will grow by 4.4% this year. This rate is higher than expectations for the US, the Eurozone, Germany, Russia, and Japan. Among the major economies highlighted by the IMF in the review, only India and China are growing faster than Kazakhstan. Overall, the global economy, according to the fund's estimate, will add 3.1%.
The main contribution to economic growth is provided by non-resource sectors. According to the Ministry of National Economy of the Republic of Kazakhstan, from January to September, the non-resource sector increased by 5.4%. Construction is growing the fastest, with an increase reaching 11.5%. Manufacturing, transportation, and trade have significantly increased output.
The structure of the economy itself is also gradually changing. In the first half of the year, the share of manufacturing in GDP rose to 14.1%. Among its branches, mechanical engineering, the chemical industry, and pharmaceuticals are developing particularly fast.