Bloomberg reported that Kazakhstan’s gross domestic product growth may slow to 1% next year as the government plans to inject KZT 2.17 trillion into the economy amid the global financial crisis.

The government said recently, referring to its economic stabilization plan that “As a result of measures adopted in 2007 and 2008 and the implementation of the plan, the real growth of GDP in 2009 and 2010 is expected to be between 1% and 3% a year.”

Mr Bakhyt Sultanov economy minister of Kazakhstan said recently that the economy may grow 2.7% to 4.1% a year through 2013.

The government’s stabilization plan, which amounts to almost 20% of GDP, includes KZT 1.2 trillion in spending from the National Oil Fund for a series of programs and KZT 122 billion from the budget to capitalize the state’s distressed assets fund, created to help compensate banks for the depreciation of assets provided as collateral for loans.

Another KZT 500 billion will be injected into the economy in new tax cuts and KZT 350 billion through cutting the amount of money banks must keep as reserves.