According to experts, the price of Brent crude oil is expected to remain at $75 per barrel in 2025, with a slight downward revision for 2026 and 2027 to $72 per barrel.
Forecasts for Kazakhstan's economic growth for 2025 have been improved from 4.7% to 4.9%. Growth in GDP is still anticipated to be around 4.5% for 2026 and 2027.
Analysts' inflation forecasts have been revised upward. The median forecast for 2025 has increased from 7.5% to 8.7%, for 2026 from 6.5% to 7%, and for 2027 from 5.6% to 5.8%.
Amid higher inflation forecasts, expectations for the average annual base rate for 2025 and 2026 have also risen. The expectations for 2025 have been raised from 14.7% to 15.3%, for 2026 from 11.8% to 12.7%, while expectations for 2027 have decreased from 10.5% to 10%.
Experts' opinions on the exchange rate of the tenge to the US dollar are as follows: 2025 — 514.0; 2026 — 535.0; 2027 — 550.0.
The survey involved 15 organizations engaged in the analysis and forecasting of macroeconomic indicators for Kazakhstan. This group includes professional market participants, research institutes, international organizations, and rating agencies.
The macroeconomic survey represents a review of independent opinions, assessments, and expectations from professional market participants regarding the development of the situation in both the Kazakhstani and global markets.