The World Bank is now forecasting GDP will grow 1.3% in 2015.
"Kazakhstan's GDP growth is likely to reach a low point in 2015, but gradually recover thereafter. It is estimated to grow at 1.3% in 2015, and then rise to 2.8% and 3.9% in 2016 and 2017, respectively," the World Bank said in its latest Kazakhstan Economic Update.
In a January report, the World bank said it thought Kazakhstan's economy might grow 1.8% in 2015, 3.2% in 2016 an 4.7% in 2017.
"The outlook is subject to downside risks. Oil price changes and economic developments in China and Russia - two very important trade partners, and sources of FDI inflows - will directly affect Kazakhstan," the World Bank said in its latest update.
"Fiscal policy is expected to normalize in 2016-17, and total government debt is expected to remain sustainable, as there are ample reserves in the Oil Fund to cover it. Monetary policy may need to adjust in response to external pressures," it said.
The Kazakh Economics Ministry estimates GDP grew 4.3% in 2014 and is forecasting 1.5% growth this year.
