ADB improves forecast for economic recovery in Azerbaijan

The GDP growth projection for 2021 is raised substantially from 4.1% to 4.7%, reflecting an improved outlook for Azerbaijan, Georgia, Kazakhstan, Tajikistan, and Uzbekistan on account of their generally robust recovery in the first 3 quarters of the year, Report informs referring to the Asian Development Bank (ADB).

For 2022, the subregional growth projection is raised from 4.2% to 4.4% on better prospects for Armenia, Azerbaijan, Kazakhstan, and Tajikistan.

In Kazakhstan, the largest economy in the subregion, GDP grew by 3.4% in January–September 2021. Manufacturing recorded growth at 5.7% with state support, while mining declined by 0.8% as oil output decreased by 3.4% and gas output by 5.6%. Services expanded by 2.9% on the gradual removal of pandemic restrictions.

In the first 9 months of 2021, Azerbaijan recorded growth at 4.8% with expansion in manufacturing particularly strong.

According to the September Asia Development Outlook (ADO) 2021 report, Azerbaijan’s GDP growth rate at the end of this year was projected at 2.2%, and next year - 2.5%.