WB renews economic growth rates in Azerbaijan in 2024-2025

The World Bank predicts economic growth in Azerbaijan at 2.3% in 2024, and 2.4% in 2025, according to the World Bank’s Global Economic Prospects June report published today, Report informs.

Compared to the January forecast, the real growth rate of Azerbaijan’s GDP in 2024 and 2025 will decrease by 0.1 percentage points.

In 2026, the World Bank expects economic growth in the country to also be at 2.4%.

“In South Caucasus, growth is projected to stabilize at about 3.5 percent annually over 2024–26. Azerbaijan is expected to pick up supported by some recovery in hydrocarbon exports, which were notably low in 2023. This rebound is expected to be counterbalanced by the easing of growth in Armenia and Georgia from exceptionally high levels in recent years.

Trade diversion, resulting from the invasion in Ukraine, is expected to continue," the WB noted.

The recovery of global oil prices and increased production at large fields such as Azeri-Chirag-Gunashli may become drivers of the country’s economic growth in the coming years.