ASTANA – Moody’s Ratings has affirmed Kazakhstan’s sovereign credit rating at Baa1 with a stable outlook, citing the country’s strong fiscal position, low government debt, high debt-servicing capacity and accumulated foreign-currency assets. Photo credit: Ministry of National Economy.
According to the agency, these factors give Kazakhstan flexibility in economic policymaking and a substantial buffer against external economic shocks, the Ministry of National Economy’s press service reported. Moody’s noted that Kazakhstan’s economy continues to expand despite a decline in oil production, with manufacturing, construction, transport and other non-oil sectors making a significant contribution to GDP growth.
The agency expects continued investment in digital, transport and energy infrastructure to support medium-term economic growth and increase the complexity of the economy. Non-resource sectors are expected to remain the main drivers of economic expansion, according to Moody’s.
The agency also highlighted ongoing tax reforms as a factor that could strengthen Kazakhstan’s fiscal sustainability by broadening the government’s non-oil revenue base. Moody’s assessment indicates that the combination of economic diversification, tax reform and continued infrastructure investment is improving Kazakhstan’s fiscal prospects and creating conditions for further economic growth.
The agency said investments in digital, transport and energy infrastructure, alongside the expansion of non-oil sectors, would contribute to the economy’s continued diversification.