PwC Kazakhstan presents the results of the 13th annual Kazakhstani edition of the survey of CEOs of the largest companies of the world conducted as part of the 28th PwC Global CEO Survey.
Over 4,700 CEOs of private businesses from 109 countries participated in the global survey, including 62 CEOs from Kazakhstan.
This year, the main focus of discussion was on prospects for the development of the global and Kazakhstani economies, major business threats, and the role of government in shaping an effective business environment. Additionally, business leaders discussed the impact of artificial intelligence and environmental issues on company operations, outlined their upcoming investment plans, and assessed the country’s investment climate — offering recommendations for its improvement.
- Geopolitical conflicts remain the top business threat for Kazakhstani CEOs for the second consecutive year.
- Rising inflation and impending changes in Kazakhstan’s tax legislation have influenced decisions to cancel, postpone, or reallocate planned investments.
- The primary priority for government, as identified by respondents, remains the country’s investment attractiveness, with over one-third noting a deterioration in Kazakhstan’s investment climate over the past year.
- The adoption of artificial intelligence has yet to meet expectations among Kazakhstani businesses in terms of driving financial performance improvements
Globally, 58% of respondents expect the world economy to grow in 2025, with 52% of Kazakhstan’s CEOs sharing this outlook. However, these forecasts are tempered by uncertainties, predominantly stemming from the current geopolitical landscape. Notably, 67% of Kazakhstani business leaders express cautious optimism, anticipating that Kazakhstan’s economic growth in 2025 will exceed last year’s figures — though 83% of them believe this growth will be modest.
The significance of geopolitical conflicts as a business threat has increased compared to last year (rising from 51% to 66%). In Kazakhstan, inflation (39%) and shortage of skilled workers (32%) also rank among the top three business concerns.
Regarding revenue growth opportunities, respondents most frequently mentioned Uzbekistan (39%), China (36%), and Russia (34%) as key markets for Kazakhstani companies. Kazakhstani business leaders perceive considerable growth potential in the Central Asian region, where population growth and rising consumption create favorable conditions for entrepreneurship. Reflecting this outlook, the majority remain confident about their business’s long-term viability: 62% of Kazakhstani CEOs believe their enterprises will remain sustainable for more than 10 years, exceeding the global average by 7%.
For 2025, 42% of Kazakhstani business leaders plan investments ranging from 1 to 25 million USD. However, many enterprises had initially planned larger investments for late 2024, which were subsequently suspended, significantly scaled down, or redirected to countries offering higher returns and a more favorable investment climate.
We extend our sincere gratitude to every participant who dedicated their time to personal or online interviews and completed the survey. We hope that the insights gathered through this collective effort will foster deeper mutual understanding and fruitful collaboration between the private sector and the government, while addressing current challenges and expectations to support continued economic growth, investment realization, and the sustainable development of our country.
For media inquiries, please contact Viktoria Abrossimova.
viktoriya.abrossimova@pwc.com
