ADB Revises Up Growth Forecasts For Caucasus And Central Asia
Date
12/16/2024 9:09:14 PM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, December 17. The Asian
Development bank (ADB) has revised up the growth projection for the
Caucasus and Central Asia to 4.9% from 4.7% for 2024 and to 5.3%
from 5.2% for 2025, Trend reports.
"The adjustment reflects robust growth in Azerbaijan, Georgia,
Tajikistan, and Uzbekistan to date, higher than expected in ADO
September 2024. Driven by the nonhydrocarbon sectors supported by
public investment, Azerbaijan's Economy expanded 4.7% in the first
3 quarters of 2024. In the same period, GDP growth in Georgia
reached 9.8%, due to strong consumption supported by credit and
salary growth, as well as public spending on infrastructure," reads
the latest outlook from the Bank.
ADB experts estimate that with strong remittances and gold
exports, Tajikistan's economy grew 8.4%.
"With a surge of fixed investment, Uzbekistan's grew 6.6% in the
first 9 months of 2024. The growth outlook remains unchanged for
Armenia, Kazakhstan, the Kyrgyz Republic, and Turkmenistan," reads
the report.
The Bank estimates that GDP growth in Kazakhstan, the
subregion's largest economy, was 4.0% in January-September
2024.
"Among major sectors of the economy, agriculture recovered to
grow 11.4%, thanks to favorable weather, after contracting 9.9% in
the same period a year earlier. Construction, transport, trade, and
manufacturing also drove overall growth. Yet, ratings in the
central bank's consolidated business activities index and business
climate index both moderated in October 2024, partly due to
contraction of the services sector. In the first 9 months of 2024,
Kazakhstan's oil production declined marginally over the same
period in 2023. On 3 November 2024, OPEC+ collectively announced
extension of voluntary oil production cuts until the end of
December," says the report.
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