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• At Fitch Solutions, we maintain our forecasts for Kazakh real GDP to grow by 3.7% in 2021 and 4.4% in 2022, after contracting by 2.6% in 2020.
• Vaccination progress and an improving epidemiological situation will fuel the recovery, particularly through the release of pent-up demand and stronger investment activity.
• Risks to our

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• Sugar yields in Kazakhstan are rising, which has helped production recover in recent years. However, total production remains significantly below the top regional sugar producers.
• Domestic consumption has risen in the past two decades, reaching 495,000 tonnes in 2019. However, this is largely a reflection of national population

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• We

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• We have upwardly revised our growth forecast for Kazakhstan’s renewables sector, and now expect the market to add approximately 1.2GW of net capacity over the coming decade.
• Strong and growing government support will drive increasing investment in the market, with improving access to finance and incentives proving attractive to

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• Vehicle sales in Kazakhstan will fall in 2020 despite strong first-quarter growth as recession amid weakening commodity prices, currency depreciation, and the outbreak of Covid-19, all taking a toll on consumers and business' willingness and ability to purchase vehicles.
• Weaker domestic demand and supply chain bottlenecks stemming

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• Greater access to public healthcare services is expected to increase health spending and thereby offer opportunities to drugmakers.
• The scheme is being funded through a compulsory insurance system, with contributions from employers, employees and the state.
• We note that risks to funding remain due to Kazakhstan’s large dependent

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• Kazakhstan’s efforts to bolster its public-private partnership framework is a positive development, as we believe it will lay the foundation required for effective engagement with the private sector.
• The Big Almaty Ring Road Project will be an important case study for the development of the framework.
• Foreign direct investment in

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• Non-hydropower renewables will register robust growth in Kazakhstan's power market over the coming years, albeit from a very low base.
• We believe that continued financing access from the European Bank for Reconstruction and Development (EBRD) will support the country’s renewables growth momentum in the near term. This is alongside