World Bank updates Azerbaijan's economic growth forecast
Akbar Novruz
Read moreThe World Bank has adjusted its economic growth forecast for Azerbaijan, predicting a slightly lower growth rate than previously estimated, Azernews reports.
According to the World Bank’s latest report on the global economy, Azerbaijan’s gross domestic product (GDP) is expected to grow by 2.3% in 2024 and 2.4% in 2025, reflecting a 0.1% reduction from the Bank’s earlier January forecast. The Bank also anticipates that Azerbaijan’s GDP will continue to grow by 2.4% in 2026.
The World Bank further noted that economic growth across the South Caucasus region is projected to stabilize around 3.5% annually during the 2024-2026 period.
“Azerbaijan’s considerably low hydrocarbon exports are expected to recover somewhat in 2023. This recovery is expected to balance the slowdown in Armenia and Georgia after unusually high growth in recent years. As a result of the ongoing conflict in Ukraine, trade within regional countries will continue to increase,” the report added.
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