Global growth is projected to slow significantly in the second half of this year, with weak growth expected to continue in 2024, World Bank Country Manager for Azerbaijan Sarah Michael said at the presentation of the Global Economic Prospects report of WB, in the panel discussions entitled "Slowing Global Growth and Rising Risks – the Implications for Azerbaijan", Report informs.
"Inflationary pressures will persist, and tight monetary policy is expected to further negatively impact economic growth. We expect that this will continue to present quite a challenging global environment for developing countries and emerging markets, including Azerbaijan. Last year, the government adopted a new Socio-Economic Development Strategy for 2022-2026, which includes an ambitious set of programs, investments, and reforms to revive and sustain economic growth and social well-being. The Strategy targets an annual GDP growth rate of 3-4 percent over the medium term, with close to 5 percent GDP growth targeted in the non-oil and gas sector. Achieving these growth targets will not be easy. Domestically, growth will be challenged by declining oil production and an aging population. And global headwinds and trends are likely to pose further challenges and uncertainties," she said.