Azerbaijan's GDP growth in 2024 significantly exceeds ADB's forecast

The Asian Development Bank (ADB) has noted that Azerbaijan's GDP growth rate in 2024 is significantly higher than the bank's previous projections.

Report informs that, according to the December edition of the ADB's Asian Development Outlook 2024, the bank has upgraded its economic growth forecast for the Caucasus and Central Asia region to 4.9% in 2024, up from 4.7% in September. The region's economic growth in 2025 is now estimated at 5.3%, compared to 5.2% in September.

"The forecast adjustment reflects the robust GDP growth in Azerbaijan, Georgia, Tajikistan, and Uzbekistan, which has surpassed the ADB's expectations. Azerbaijan's economy expanded by an impressive 4.7% during the first nine months of 2024," the review highlights.

The ADB has maintained its inflation forecasts for Azerbaijan, Kazakhstan, Turkmenistan, and Uzbekistan without any changes. It is worth noting that in September, the ADB had projected Azerbaijan's GDP growth for the current year at 2.7% and 2.6% for the following year.