GPI experts have announced the assessment of the new Economic survey of the World Bank

GPI experts have announced the assessment of the new Economic survey of the World Bank
GPI Group experts participated in the presentation of the World Bank on the new Economic review of Kazakhstan “Financing the future – increasing income for long-term investments”.
Andrey Mikhnev, Head of the World Bank Representative Office in Kazakhstan, and World Bank economists highlighted the country’s key economic indicators, existing fiscal challenges, and strategies for ensuring sustainable growth. The discussion touched upon the issues of tax reform, the effectiveness of public investment, infrastructure development and environmentally oriented taxation.
Alyona Romanova, Executive Director of GPI-Lab, in her speech drew attention to the fact that the planned tax reforms should be aimed at stimulating economic activity. She also noted the need to expand the use of additional relevant sources of financing: “So far, the potential of non–bank lending is being used quite limited – exchange trading, investment both externally and internally, including in green projects. Many companies are now ready to invest in modernizing production towards energy efficiency and technology adoption. At the same time, the requirements for the implementation of ESG principles in the activities of companies are already being fixed by international and Kazakhstani regulators. The activation and stimulation of green and ESG projects will allow domestic companies to integrate and increase their competitiveness both domestically and in international markets, attracting customers, partners and investments.”
In conclusion, the World Bank experts noted that the current state of infrastructure in Kazakhstan requires increased public investment in the industry, which is necessary to increase productivity and provide continuous and efficient public services. And in the published report, the World Bank emphasizes the importance of fiscal discipline and diversification of income sources.