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President: Kazakhstan must seek GDP annual growth rate of at least 4%

January 17, 2014, 12:17 UTC+3 ASTANA

Nursultan Nazarbayev gave instructions to ensure a growth in investment in the economy “from the current 18% of GDP to 30% of GDP”

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Kazakhstan's President Nursultan Nazarbayev

Kazakhstan's President Nursultan Nazarbayev

© ITAR-TASS/Alexei Nikolsky

ASTANA, January 17. /ITAR-TASS/. If Kazakhstan wants to see itself among 30 developed economies of the world, its GDP must expand at an annual rate of at least four percent, President Nursultan Nazarbayev said in his annual state-of-the-nation address on Friday.

“Plans in the economy are to achieve an annual GDP growth of at least four percent. We can grow even further, but we are taking this average middle-term figure,” he added. Besides, the president gave instructions to ensure a growth in investment in the economy “from the current 18% of GDP to 30% of GDP”.

“The Organization for Economic Cooperation and Development (OECD) brings together 36 countries producing 60% of global GDP at the moment. Another six countries are candidates for joining the organization, and all these countries have undergone a path of deep modernization, have high figures of investment, research and development, labor productivity, business development and living standards of the population,” the Kazakh president said.

“Indices of OECD countries taking into account their future long-term performance, are our basic reference points on the road towards being listed among 30 developed economies of the globe,” the president said, setting the task “to adopt certain standards of the OECD in Kazakhstan”. They will be reflected in the concept of the country’s state program Kazakhstan-2050, Nazarbayev said.

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