Kazakhstan's constitutional reforms have become one of the key topics of discussion with S&P, Moody's and Fitch
17.04.2026 10:17:21 1396
Constitutional reforms in Kazakhstan have become one of the key topics of meetings between Deputy Prime Minister and Minister of National Economy Serik Zhumangarin and representatives of the big three rating agencies S&P, Moody's and Fitch in Washington.
Annual consultations with international rating agencies are traditionally held to assess the current macroeconomic situation and discuss factors affecting the country's credit rating. During the spring session, the main focus was on constitutional reforms, inflation, income dynamics and sources of economic growth in the face of external instability.
As Serik Zhumangarin noted, the sustainable development of the modern economy requires not only resources, but above all effective institutions, predictability and trust. These principles are enshrined in the new Constitution of the country. Among the priorities is the development of education, science, innovation and human capital as a strategic area of government activity. In fact, the new basic law of the country lays the foundation for the knowledge economy, where competitiveness is formed through intelligence, technology and professionalism. It also ensures equal protection of all forms of ownership, which is of key importance for the investment climate and business development.
Real GDP growth remains at a high level. By the end of 2025, the economy grew by 6.5%. Growth is expected to reach 5-5.5% this year. In the first quarter, growth was 3%, excluding temporary factors related to oil production.
The structural transformation of the economy continues. The share of the oil sector in GDP decreased from 16.5% in 2010 to 8.1% in 2024. At the same time, the manufacturing industry has been growing for the second year in a row and reached 12.7% of GDP, exceeding the share of the extractive sector.
The priorities of Kazakhstan's new economic policy are focused on diversification and digitalization. The task is to ensure not only the growth rate, but also its sustainability, with an increase in real incomes and employment. In this regard, the emphasis is on actively attracting investments. Key industries have been identified: oil and gas, chemistry, agro-industrial complex, pharmaceuticals, artificial intelligence and metallurgy.
Coordination between the Government, the National Bank, and the Agency for Financial Market Regulation and Development has been strengthened to balance the goals of economic growth and curb inflation. In November 2025, the joint action program for 2026-2028 was approved. It provides for annual GDP growth of at least 5% and real income growth of 2-3% above inflation.
Special attention is paid to budget consolidation. As Serik Zhumangarin noted, in recent years, transfers from the National Fund, exceeding 5 trillion tenge annually, have made a significant contribution to inflation. In 2026, for the first time in recent years, the Government refused a targeted transfer (in 2025 – 3.25 trillion tenge). Budget expenditures are being optimized in parallel.
One of the limitations remains the insufficient development of consumer goods production. As incentive measures, programs are being implemented in the agro–industrial complex and processing - over 200 projects, including dairy and meat farming, poultry farming and the fishing industry. The development of the non-resource sector is also intensifying to reduce import dependence.
Inflation is showing a slowdown: from 12.3% by the end of 2025 to 11% by the end of the first quarter. By the end of the year, the level is projected to be below 10% with economic growth of 5-5.5%.
Representatives of the rating agencies noted that in conditions of active economic growth, achieving a balance between inflation and growth is a difficult task. At the same time, real incomes remain the key indicator for the population.
Given the significant role of agriculture in the economy of Kazakhstan, the issue of providing agriculture with mineral fertilizers and dependence on their imports was discussed separately. The Deputy Prime Minister noted that there are 27 manufacturers operating in Kazakhstan, including large enterprises – KazAzot JSC and Kazphosphate LLP. Domestic production covers about 56% of the demand for mineral fertilizers. The main imports come from Russia, with which our country is in the Single Economic Union.
"We have significantly increased the volume of fertilizers used: three years ago we used only 600,000 tons, and this was clearly not enough for intensive agricultural development, but last year it was already 1.8 million tons. The target for this year is 2.3 million tons," the Deputy Prime Minister said.
https://www.gov.kz/memleket/entities/economy/press/news/details/1202779?lang=ru