The Unassuming Economist

From the World Bank:

“A new World Bank report highlights Kazakhstan’s progress in reducing poverty and the challenges ahead for inclusive growth, stressing that the pace of poverty reduction has slowed in recent years despite significant advances since the early 2000s. According to the “Kazakhstan Poverty and Equity Assessment 2024” report, making fiscal policy more pro-poor, improving the quality of education, and strengthening climate resilience are critical priorities for policymakers in order to reduce poverty and inequality in Kazakhstan.

Kazakhstan’s economy has grown robustly since 2006, with an average annual growth rate of 4.7 percent. This growth has increased incomes and living standards, transitioning the country to upper-middle-income status. These gains lifted 5.9 million people out of poverty, reducing the poverty rate from 49.5 percent to 8.5 percent in the same period.

“Between 2006 and 2021, economic advancement significantly improved living standards and reduced poverty rates in Kazakhstan. Economic growth has slowed since 2014, and the pace of poverty reduction has fallen. The COVID-19 pandemic exacerbated these challenges, highlighting the need for resilient and inclusive economic strategies presented in this report,” said Andrei Mikhnev, World Bank Country Manager for Kazakhstan.“

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