EBRD downgrades outlook for Kazakh economy

EBRD downgrades outlook for Kazakh economy

The European Bank for Reconstruction and Development (EBRD) has downgraded its outlook for the Kazakh economy in 2015 to 1.2%, from the May 2015 figure of 1.5%.

The report said that the "growth in Kazakhstan, the largest economy in the region, is sharply lower, due to the collapse of the oil price, and to a much lesser extent, the negative effect of an influx of cheap imports from Russia on domestic industries and spillovers of negative investment sentiment from the Russian-Ukrainian crisis".

The EBRD said that the economy of Kazakhstan has been mainly affected by recession in Russia and lower commodity prices, RIA Novosti reports.

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