Kazakhstan unveils long-term economic roadmap through 2035

ASTANA, Kazakhstan (MNTV) — Kazakhstan has outlined its long-term economic development forecast for 2026–2035, setting out scenarios for growth, fiscal stability, and the role of sovereign wealth in shaping the country’s financial future.

Deputy Prime Minister and Minister of National Economy Serik Zhumangarin presented the forecast at a government meeting on Tuesday, according to the state-run Kazinform News Agency. The plan was drafted as part of the implementation of a new Budget Code, which aims to strengthen financial solvency and improve state planning.

Three scenarios were assessed: baseline, moderate, and alternative. The government projects average annual GDP growth of 4.5% in the baseline scenario, 4.3% in the moderate outlook, and 5.1% under the more ambitious alternative scenario. By 2035, Kazakhstan’s nominal GDP is expected to reach 473.2 trillion tenge ($880 billion).

Budgetary reforms form a central pillar of the forecast. Revenues are projected to rise to 66.8 trillion tenge ($124 billion) by 2035, while the budget deficit is expected to narrow to 0.4% of GDP in 2029 before being fully eliminated from 2030 onward. 

The guaranteed transfer from the National Fund, Kazakhstan’s sovereign wealth vehicle, is set to decline to 2 trillion tenge ($3.7 billion) beginning in 2029.

Earlier this year, Zhumangarin said Kazakhstan expects real GDP growth of 5.4% in 2026, with an average of 5.3% over the next three years, underscoring the government’s optimism about medium-term economic prospects.