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Astana, Kazakhstan • 05 September 2023

S&P Affirms Kazakhstan's Sovereign Credit Rating at BBB-/A-3

The agency forecasts economic growth over the next three years at 4%

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gov.kz
gov.kz

The international rating agency Standard & Poor's has affirmed Kazakhstan's sovereign credit rating at BBB-/A-3, with a stable outlook, QazMonitor reports citing the press service of the Ministry of National Economy.

The key factors supporting Kazakhstan's rating are the strong fiscal and external balances of the economy, which are sufficient for risk management. Furthermore, the country's net government debt is at a low level, and its liquid external assets provide protection from external shocks.

Analysts predict that the consolidated budget deficit will decline to an average of 1.6% of GDP from 2023 to 2026, and government revenues are expected to grow as a result of efforts to reform tax policy and administration.

Analysts also highlight the country’s macroeconomic policy, which aims to diversify the economy through investment programs, reduce state participation, and promote competition. In general, S&P forecasts a 4% growth of Kazakhstan's economy over the next three years.

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