Tokayev: Kazakhstan transitioning to new economic model

Kazakhstan is moving to a new economic model, President Kassym‑Jomart Tokayev said during a joint session of the country's parliamentary chambers, Report informs, citing the Kazakh President Administration (Akorda).

Tokayev stated that despite the worsening global situation and growing international challenges, Kazakhstan continues to pursue a measured policy and advance with confidence.

He noted that last year Kazakhstan's economy grew by 6.5 percent, with GDP surpassing $300 billion and per capita GDP reaching $15,000. Tokayev stressed that this is one of the highest indicators among CIS countries and a record result for Central Asia.

The president also said that Kazakhstan has managed to slow inflation, which fell to 10.4 percent in the first five months of this year, and emphasized the need to continue efforts to reduce it further.

Tokayev highlighted the stability of the financial system, noting that the national currency is reliably protected against external risks. He underlined that the new Budget and Tax Codes have laid the foundation for forming Kazakhstan's new economic model.