The European Bank for Reconstruction and Development (EBRD) decreased the forecast for Kazakhstan’s GDP growth in 2015 by 3.6 percent point, the bank said in the Regional Economic Prospects review.
In September 2014 the Bank predicted that Kazakhstan’s economy would grow by 5.1 percent in 2015. The new forecast expects Kazakhstan’s GDP growth at 1.5 percent in 2015.
“A sharp fall in the price of oil has piled pressure on an already fragile Russia, and is hitting growth in energy exporters and other emerging nations with close links to Eastern Europe’s largest economy,” the EBRD’s economic outlook said.
Kazakhstan has also been negatively affected by the lower prices as an energy exporter.
The country’s real GDP growth decreased from 6 percent in 2013 to 4.3 percent in 2014, EBRD said.