WB: Azerbaijan's GDP growth to be almost $3 in 2023

Azerbaijan's GDP growth in 2023 is projected at 2.8%, which is 0.6% more than previously expected, Report informs with reference to the World Bank (WB).

WB analysts believe that in 2024 Azerbaijan's gross domestic product will grow by 2.6%. This is also 0.3% more than the previous forecast.

Meanwhile, the bank estimated the growth of Azerbaijan's GDP in 2022 at 4.2%. The year before last, Azerbaijan's economy grew by 5.6%.

According to the bank, overall, the GDP in the South Caucasus is projected to grow by 3.3% in 2023. The projected slowdown reflects weakening momentum after a strong recovery in 2021-22, the impact of weakening eurozone growth, continued tensions on the Armenia-Azerbaijan border, and continued production cuts in Russia, one of the South Caucasus' closest economic partners.