'Kazakhstan will be affected, but no reason to panic': Tokayev on global market downturn

Tengrinews.kz - President Kassym-Jomart Tokayev commented on the ongoing instability in global markets.
According to the Head of State, current developments around the world could signal the onset of a major global economic storm.

"Many experts say the world is on the brink of one of the most severe crises in recent decades. Due to escalating tariff wars of all against all, we’re seeing the breakdown of production and trade chains, falling markets, and high volatility in commodity prices.
This will inevitably affect all countries, including Kazakhstan. Although there is currently a 90-day moratorium on imposing high tariffs, the market remains highly unstable. Therefore, we are focused on mitigating the consequences of this economic storm for Kazakhstan’s economy. But I am confident there is no reason to panic," the President said.

Kassym-Jomart Tokayev emphasized that Kazakhstan has always navigated challenges by focusing on priority areas.

"Despite external headwinds, we will continue to implement our announced development agenda. All priority infrastructure projects and other planned initiatives will be completed in full. Yesterday, I instructed the government and local executive bodies to urgently finalize an action plan to prevent a slowdown in growth and ensure continued investment inflow," the President added.

Tokayev also stressed that the competition for investment would intensify under the current circumstances.

"In this context, we must remain in excellent shape. We have to be ready for all scenarios and act pragmatically and confidently. Crises, as you know, are valuable in that they clearly reveal the strengths or weaknesses of leadership and also give rise to new opportunities. This is crucial for maintaining the resilience of the national economy and social stability amid profound external shocks," the President of Kazakhstan stated.

Earlier, President Tokayev held a meeting with Prime Minister Olzhas Bektenov, Chairman of the National Bank Timur Suleimenov, and other officials to discuss the economic situation caused by the collapse of prices for energy resources and key commodities on global markets due to tariff conflicts.
As a reminder, on April 2, U.S. President Donald Trump announced the introduction of tariffs on imported goods from 185 countries. The base rate will be 10 percent, while for some countries it will be significantly higher: 34 percent for China, 46 percent for Vietnam, and 20 percent for the European Union. In response, China abandoned plans to sign a global deal with the U.S. and began preparing for a full-scale trade war with America.