ADB downgrades growth outlook for Caucasus and Central Asia

The GDP growth forecast for the Caucasus and Central Asia is downgraded by 0.1 percentage points in 2023 and by 0.2 points in 2024, as the growth forecasts for the subregion are adjusted down from 4.4% to 4.3% in 2023 and from 4.6% to 4.4% in 2024, the Asian Development Bank said in the Asian Development Outlook (ADO) July 2023: Robust Growth with Moderating Inflation, Report informs.

Both changes reflect downgrades for Azerbaijan and Turkmenistan.

“In Azerbaijan, oil and gas production declined more than expected in the first 5 months of 2023, while global oil prices sank. While growth forecasts are upgraded slightly for Georgia, Kazakhstan, and Tajikistan in 2023 following stronger performance in the first 5 months of the year, this is insufficient to offset the downgrades to Azerbaijan and Turkmenistan projections,” ADB said.