According to the Kazakhstan International News Agency and the "Astana Times" on August 15, the latest data from the International Monetary Fund (IMF) shows that Kazakhstan's per capita GDP, calculated at current prices, will rank first among the former Soviet republics this year.

According to IMF forecasts, Kazakhstan's per capita GDP will reach $14,770 in 2025, surpassing Russia's $14,260 and Turkmenistan's $13,340.

In the ranking, Georgia follows with $9,570, Armenia with $8,860, Moldova with $8,260, Belarus with $7,880, Azerbaijan with $7,600, Ukraine with $6,260, Uzbekistan with $3,510, Kyrgyzstan with $2,750, and Tajikistan with $1,430.

The Kazakhstan International News Agency reported that this ranking is not only an important economic achievement for Kazakhstan, but also marks a faster pace of development and a further consolidation of its regional status. IMF data indicates that Kazakhstan has surpassed Russia, traditionally considered the leader among post-Soviet economies, as well as Turkmenistan, which is rich in energy resources.

Notably, according to data published by the Kazakh government, in the first seven months of this year, Kazakhstan's GDP grew by 6.3%, with real economic growth of 8.3%, service sector growth of 5.2%, and industrial growth of 6.9%. Specifically, the transportation and storage industry showed particularly impressive growth, reaching as high as 22.5%.

The media analyzed that the rapid economic growth of Kazakhstan is due to multiple factors - Kazakhstan has abundant reserves of oil, natural gas, uranium, and other mineral resources, and energy and mineral exports remain the main driver of the economy. In addition, Kazakhstan has been continuously promoting reforms in the business environment in recent years, attracting more foreign investment, and accelerating infrastructure construction, with investments in transportation, logistics, and technology playing an important role.

Additionally, Kazakh media emphasized that the country's strategic location at the crossroads of Europe and Asia gives it a natural advantage in the regional and global economic landscape. Active participation in the Belt and Road Initiative, as well as practical cooperation with partners such as Russia, China, and the European Union, has further enhanced its economic potential.

Kazakh financial analyst Rassul Rysmambetov said, "We have surpassed them, which is a historic achievement... Russia has always been the largest economy among the former Soviet republics." However, he added, "It looks good, but it doesn't reflect everything."

Economist Sergei Guriev believes that although there are many factors contributing to Kazakhstan's per capita GDP exceeding Russia, the fact that Kazakhstan has not been subject to economic sanctions is particularly critical. He stated that Western countries' sanctions on Russia have benefited Kazakhstan's crude oil exports.

He added that Europe has replaced most of its Russian oil with Kazakh oil; Kazakhstan can sell it at market prices, while the price of Russian oil is capped at $60 per barrel. Moreover, many international companies have moved their distribution operations from Russia to Kazakhstan to avoid the trouble caused by sanctions.

However, despite its rapid growth, Kazakhstan is not without hidden concerns. Analysts point out that Kazakhstan's economy is highly dependent on the oil industry, making it vulnerable to fluctuations in international oil prices. According to a previous report by the Belgian bank ING, every $1 drop in oil prices would cost Kazakhstan about $570 million. Last year, Kazakhstan's budget deficit reached $7.7 billion. Furthermore, Kazakhstan is also facing inflation this year.

Nevertheless, analysts believe that overall, Kazakhstan still maintains a good economic outlook. At the end of July, the International Monetary Fund predicted that Kazakhstan's economic growth rate would be 5% this year and 4.3% in 2026.

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