Kazakh economy on right path, IMF says

ASTANA – Kazakhstan’s economic policies and high commodity prices combined to help the country stage a solid economic recovery in 2011, the International Monetary Fund (IMF) said.

In its Article IV consultation report released June 22, the IMF said Kazakhstan’s real gross domestic product (GDP) increased by 7.5% last year.

Kazakhstan tightened fiscal policy, maintained excellent bank liquidity and allowed a greater exchange rate flexibility to help its economic performance, the report said.

Although the banking sector still has not fully recovered from the 2007-08 global recession, foreign liabilities have fallen and bank liquidity remains excellent, the report said.

The IMF predicted real GDP would increase by about 6% this year and in 2013.