Deputy PM: Oil surge lifts Kazakhstan’s economy, wage hikes possible

Kazakhstan is already seeing tangible economic effects from rising global oil prices, though officials caution that the outlook remains uncertain, Deputy Prime Minister Kanat Bozumbayev said.

Speaking to local media, Bozumbayev noted that revenues of the country’s oil and gas sector have increased significantly as prices climb. A large share of these additional earnings is being directed into Kazakhstan’s National Fund, which serves as a key financial buffer for the economy, Caliber.Az reports.

He added that higher oil prices are also expected to boost both the national and regional budgets through increased tax revenues and export duties.

At the same time, Bozumbayev stressed that it is too early to draw firm conclusions, as the situation largely depends on developments in the Middle East.

“We are all monitoring the conflict in the Middle East. If it is resolved, prices will quickly return to previous levels,” he said.

According to the deputy prime minister, sustained high prices could translate into broader economic gains. “If there is extra money, it will go into the budgets. Companies will earn more and may raise salaries. Budgets will also be replenished through taxes,” he explained, adding that such conditions could eventually allow authorities to consider wage indexation.

By Tamilla Hasanova