ING announces inflation forecast in Azerbaijan for 2024

ING Group of the Netherlands predicts that the average annual inflation in Azerbaijan will be 2.5% in 2024 and 2.7% in 2025, Report informs, citing the forecasts announced by the company.

This figure is the same as the forecast released in August 2023.

According to the report, the GDP growth is predicted to be 4% in the first quarter and 2.5% in the second quarter of 2024.

According to the forecasts of the Azerbaijani government, the GDP growth is expected to be 2.4% in 2024 and 2.9% in 2025.

The United Nations (UN) expects the average annual inflation in Azerbaijan to be 2.6% this year and drop to 2.8% in 2025.

The International Monetary Fund (IMF) predicts the GDP growth forecast in Azerbaijan to be 2.5% this year. According to the IMF, the annual growth of GDP in Azerbaijan will be 2.3% in 2024-2028.

According to the forecast of the European Bank for Reconstruction and Development (EBRD), the GDP growth in Azerbaijan will be 2.5% in 2024.