S&P Global Ratings forecast a sharp recovery in Kazakhstan national economy in 2021
Standard & Poor’s Global Ratings affirmed Kazakhstan’s rating at “BBB-”, “stable”. This was reported by the press service of the Ministry of National Economy of the Republic of Kazakhstan, Kazpravda.kz reports.
"The rating agency "S&P Global Ratings" has confirmed the sovereign credit rating of Kazakhstan at the level of "BBB-", - the information says.
According to the agency, Kazakhstan's rating is supported by a stable fiscal position of the country, including thanks to the funds accumulated in the National Fund and the low level of external debt, the measures taken by the Government of the Republic of Kazakhstan aimed at curbing the negative manifestations of the pandemic on the economy, as well as a high level of stability and predictability of state institutions due to the continuity of power.
"The rating agency, along with other leading international financial institutions, predicts a sharp recovery of the national economy in the short term - average growth rates in
2021-2023 will be about 4%", - said Vice Minister of National Economy Zhaslan Madiev.
S&P notes that the main factor in the growth of the national economy in 2019 was the non-oil sector, including construction, transport, and manufacturing. In 2020-2022 the non-oil sector will continue to be the driving force behind the recovery and growth of national production.
As the vice minister informed, in the period from March 9 of this year S&P Global Ratings has revised down the credit ratings and forecasts of 57 countries - including Australia, Brazil, Chile, Japan, Malaysia, Mexico, Estonia and Uzbekistan.