Kazakhstan Targets Inflation Reduction to 6–8% by 2028

The Government of Kazakhstan anticipates holding annual inflation within the 7.5–9.5% range in 2027, with plans to narrow the target corridor further to 6-8% across 2028 and 2029. These projections were outlined during discussions on the country's social and economic development forecast for 2027–2029.

According to official estimates, Kazakhstan's nominal Gross Domestic Product (GDP) is projected to expand from 199.3 trillion tenge in 2027 to 245 trillion tenge by 2029. Minister of National Economy Serik Zhumangarin noted that economic growth will be primarily driven by non-oil sectors, emphasizing that manufacturing is expected to outperform the mining industry in growth rates.

Revenue forecasts for the republican budget set targets at 19.9 trillion tenge in 2027, eventually rising to 23.4 trillion tenge by 2029. For context, earlier forecasts framed in 2025 had projected 2026 republican budget revenues at 19.2 trillion tenge.