To Check, or Not to Check

As 2025 begins, the national economy, heavily dependent on resource revenues, faces a mix of challenges. While oil production remains relatively stable, declining oil prices, rising inflationary pressures, and expectations of currency devaluation are creating significant headwinds. These factors are likely to slow real GDP growth, curtail investment, and erode purchasing power. As a result, job creation prospects will diminish, exacerbating labor market tensions and contributing to higher unemployment and poverty rates.

The year 2024 could not solidify its place in history as a year of significant economic reforms or transformations. Instead, it was marked by rising concerns among consumers and businesses over price hikes and devaluation expectations, which persisted throughout the year.

Gas and "Green" Energy Were Defining in the Fuel and Energy Complex in 2024

In previous articles, we discussed the poor management of the budget and the corruption risks during its implementation phase[1]. Despite more than four years passing, we still share the same conclusions about the 2025 budget. This is because the budget work in Parliament is nominal, and the Ministry of Finance presents the budget for the following year to Parliament, with at least 40 percent of the budget’s classifications not detailed.