Majilis approves Law on Republican Budget for 2025-2027

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According to the Forecast of socio-economic development of the country for 2025-2029, the base scenario, annual GDP growth, on average, is planned at the level of 5.4 per cent. If this figure is achieved, the country's Gross Domestic Product will increase from $321bn in 2025 to $498bn in 2029. Thus, the task set by the Head of State to bring GDP to $450bn by 2029 will be fulfilled. But the Government sets higher benchmarks in its work, which are envisaged in the approved National Development Plan of the Republic until 2029. According to this document, the annual GDP growth should be from 5.6 % to 6.9 % per year. This is a very ambitious task. In order to achieve such indicators, it is necessary to actively work on diversification of the economy, increase its complexity, organise the launch of production of high-value-added products in the country, and move away from dependence on raw materials. As you know, according to the results of 9 months of the current year, GDP growth was 4%. Moreover, the growth was achieved against the background of a decline in oil production. That is, we are growing at the expense of other, non-oil industries. The economy is developing at the expense of agriculture, which grew by 11.4%. At the expense of transport and trade, which showed growth above 6%. Construction grew by more than 10%. Thus, growth in these sectors allows us to support the economy. Of course, this is not enough. We realise this, and therefore we will work and are already working on a key issue: attracting serious amounts of investment into the economy to implement major industrial and infrastructure projects in the country. One of the points of growth will be the implementation of the National Infrastructure Development Plan, which provides for very serious investments in infrastructure. Also, as instructed by the President in his Address, a new National Project to modernise the housing and utilities system is at the final stage of development. The National Project envisages a total investment of about 10 trillion tenge until 2029-2030. The project will bring serious upgrades to the engineering infrastructure, which, as you know, is in a rather deplorable state. These are great reserves for our domestic business. In the National Project, we envisage preferential purchase of all goods, works and services from domestic entrepreneurs. Thus, there is a lot of work to be done to achieve the ambitious goals. The instruction of the President will be unambiguously fulfilled," Prime Minister stressed.