IMF improves its forecasts on economic growth in Azerbaijan

The International Monetary Fund (IMF) predicts the growth of Azerbaijan's gross domestic product (GDP) at the level of 2.8% for 2024, Report informs via the April issue of the IMF’s World Economic Outlook report.

In October 2023, the IMF predicted 2.5% economic growth in Azerbaijan in 2024.

However, according to the report published by the Monetary Fund after consultations in accordance with Article IV, the average annual growth rate of Azerbaijan's economy in 2024-2028 is predicted to be 2.3%, and in 2029-2032 it will be above 2.4%.

In its new report, the IMF predicts Azerbaijan's GDP growth at the level of 2.3% in 2025 and 2.4% in 2029.

Meanwhile, the government of Azerbaijan predicts GDP growth for 2024 at the level of 2.4%.

In 2023, GDP growth in Azerbaijan was 1.1%.