Tokayev opens first session of Kazakhstan People's Council, cites 7-year GDP growth of 29%

September 24, 2026 at 11:22 AM2 min

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Kazakh President Kassym-Jomart Tokayev opened the first session of the Kazakhstan People's Council on September 24, 2026, calling the new constitutional body a historic step. He said GDP grew 29% over seven years to $306 billion, with foreign investment exceeding $162 billion. The session marked the start of the council's work after a year of constitutional reforms.

Key Facts

GDP grew 29% over seven years to $306 billion, according to Tokayev.
Foreign investment exceeded $162 billion during the period.
Gold and foreign currency reserves plus National Fund assets surpassed $138 billion.
The share of small and medium-sized businesses in the economy exceeded 40%.
Since 2019, 1,342 schools for more than 1 million students have been built.

Council Inauguration

Tokayev opened the first session of the Kazakhstan People's Council on September 24, 2026. He called the council a unique institution with constitutional status that will occupy a special place in the political system. The council is part of the modernization of the system of power, according to Tokayev. He said the current stage of transformation began a year ago with the initiative to create a unicameral Parliament.

Constitutional Reform Outcomes

A new Constitution was adopted in a nationwide referendum on March 15. After the reform, the first elections to the new legislative body, the Kurultai, were held. Five parties that received popular support entered the Kurultai. Deputies began their work on August 28. A renewed government was formed, a vice president was appointed, and the Office of the Security Council of Kazakhstan was created.

Economic and Social Indicators

Tokayev said GDP grew 29% over seven years to $306 billion. Gold and foreign currency reserves plus National Fund assets exceeded $138 billion. More than $162 billion in investment was attracted to the country during the period. The share of small and medium-sized businesses in the economy exceeded 40%. More than 20 million square meters of housing are built annually in Kazakhstan.