ADB updates economic growth forecast for Azerbaijan

The Asian Development Bank (ADB) expects Azerbaijan's gross domestic product (GDP) to be 2.2% higher this year than in 2022, Report informs citing the updated Asian Development Outlook for September 2023.

According to the document, this is 1.3 percentage points more than the ADB's April forecast.

The bank expects 2.6% economic growth in Azerbaijan next year, 1.2% less than the previous forecast.

ADB predicts that the economy of the Caucasus and Central Asia region will grow 4.6% this year (0.2% more than the previous forecast) and 4.7% (0.1% more than the previous forecast) next year.