World Bank Updates Azerbaijan's Economic Growth Forecast
(MENAFN- AzerNews)
Akbar Novruz
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The 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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