Azernews.Az

According to information, double-digit lending growth (15%) and stable asset quality will continue to support the profitability and capital levels of banks in the region. The agency notes that while banking regulation, supervision, and corporate governance have improved significantly in these countries, they remain less transparent and predictable compared to developed markets. In recent years, regulatory supervision in Kazakhstan and Azerbaijan has been notably strengthened. However, in Georgia, while banking supervision is the most advanced in the region, declining democratic standards could negatively impact the independence of the regulator. The economic growth observed in Armenia, Georgia, and Uzbekistan in recent years has largely been driven by the influx of people and capital from Russia and Ukraine, as well as increased trade flows. S&P predicts this growth will slow somewhat in 2025. In Azerbaijan and Kazakhstan, migration from Russia and Ukraine has had less of an impact on economic growth.

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