The International Monetary Fund (IMF) has estimated Kazakhstan’s nominal gross domestic product (GDP) at nearly 398 billion US dollars for the year, placing the country 47th among the world’s largest economies, according to the fund’s October World Economic Outlook.
Visual Capitalist compiled a global ranking based on the IMF ’s estimates, Qazinform News Agency reports. The ranking is based on GDP measured in current US dollars at market exchange rates. Kazakhstan ranks just below Chile and Peru, while Portugal, Finland and Greece are positioned lower on the list.
Kazakhstan’s economy grows in global ranking The IMF ’s estimates for Kazakhstan have increased significantly over the past year. A year ago, the country was at the lower end of the world’s 50 largest economies, with GDP estimated at approximately 320 billion US dollars.
In the spring, the fund revised its projections upward, moving Kazakhstan one position higher. At that time, the country overtook Finland, New Zealand and Hungary in terms of economic size. The latest estimates have moved Kazakhstan further up the ranking, placing it ahead of Portugal.
Overall, the estimated size of the country’s economy has increased by nearly a quarter over the past year. According to the IMF, Kazakhstan’s real GDP is projected to grow by 4.4 percent this year, exceeding growth expectations for the United States, the Eurozone, Germany, Russia and Japan.
Among the major economies highlighted in the report, only India and China are expected to grow faster than Kazakhstan. Global economic growth is projected to reach 3.1 percent. Kazakhstan remains Central Asia’s largest economy Kazakhstan continues to have the largest economy in Central Asia by a considerable margin.
Uzbekistan, the region’s next-largest economy, ranks 61st in the IMF ’s October estimates. Kazakhstan’s GDP is more than twice the size of Uzbekistan’s economy. The fund’s spring estimates also indicated that Kazakhstan’s economy was larger than those of the other Central Asian countries combined.