AKIPRESS.COM - The national poverty rate in Kazakhstan is projected to fall to 12.0 percent by end-2022, though this may change if inflation is higher and growth slips further, says the World Bank’s latest Economic Update for the Europe and Central Asia region released on April 10.

These projections bear significant downside risks: spillovers from sanctions that further weaken trade flows and investor confidence; more prolonged suspensions of Black Sea oil exports; risks of wage-price spirals linked to economywide wage increases, and potential capital flight amidst heightened uncertainty and tighter global financial markets. Events since January clearly urge faster progress on reforms to achieve sustainable growth and shared national prosperity.

In that regard, the authorities plan to take a stronger stand against corruption and improve the rule of law, having announced steps to increase competition and the quality of human capital, and address government inefficiency.