Key View 

• As the Russia-Ukraine war carries on, Kazakhstan’s multi-vector approach to foreign policy has proven to be tricky to manage. 
• While Kazakhstan continues to maintain friendly relations with Russia, its needs to diversify transport and infrastructure links away from Moscow has increased amid tightening economic sanctions. 
• Over the long term

Key View: Over the medium to long term, we expect more government support and increased regional EV production to support passenger EV sales in Kazakhstan. However, the country's aged power grid and limited generation capacity will prove to be a tough challenge to overcome for most potential EV buyers. This could eventually shift the demand from

Key View:

• Kazakhstan is poised to see strong growth in trade activity in the near term, especially as shippers based in Europe and Asia increasingly divert their cargoes from traditional Red Sea passages and routes through Russia, in favour of more strategic alternatives.
• We anticipate that the rail sector will significantly benefit from the

Key View

• Forecasted exports and pharmaceutical sales in Kazakhstan are expected to increase in the short- to medium term.
• The increase in localised pharmaceutical production will reduce pharmaceutical security risks in Kazakhstan.
• We expect that Kazakhstan will become a regional hub of pharmaceutical production.

Forecasted exports and

Key View

• We hold a positive outlook for Kazakh household spending on clothing and footwear over the medium term (2023-2027). This outlook is supported by the market's favourable demographic profile and large proportion of households with disposable incomes of more than USD10,000.
• Increased social spending and a tight labour market will

Key View

• We maintain our Short-Term Political Risk Index score for Kazakhstan unchanged at 70.0 out of 100, as the latest parliamentary election bodes well for political stability.
• The vote has solidified President Kassym-Jomart Tokayev's power and will bolster the president’s ability to pursue his economic diversficiation agenda.
• Further

Key View

• Central Asian economies have proven unusually resilient in the wake of the Russia-Ukraine war with growth especially being supported by Russia-Europe trade redistribution and an influx of Russian businesses and individuals looking to escape economic sanctions.
• While we highlight that economic growth in the region will remain