Kazakhstan Expects 0.9%-Drop Of GDP In 2020 Amid Global Instability - Economy Minister

ALMATY (UrduPoint News / Sputnik - 02nd April, 2020) Kazakh Economy Minister Ruslan Dalenov said on Thursday he expected the national GDP to drop by 0.9 percent in 2020 instead of the earlier forecast 4.1-percent growth.

During the government's meeting, the minister said that the instability in global markets would result in a drop in the Kazakh manufacturing industry, agriculture, services, and other branches of the economy.

From his point of view, Kazakhstan's exports will decrease by $16.3 billion to $35.1 billion, while the imports will fall by $7.5 billion to $26.6 billion.

"Given all the mentioned factors, we expect the GDP to fall by 0.9 percent," Dalenov added.

In early March, the minister said that the Kazakh economy would rise by 4.1 percent in 2020, but the following drop of oil prices and the spread of the coronavirus disease urged the Kazakh cabinet to revise the forecast.