World Bank reveals Azerbaijan's economic growth forecast for 2022-2023

Azerbaijan's gross domestic product (GDP) will increase by 3.1% this year, and by 2.7% in 2023, Report informs, quoting from the World Bank (WB) Global Economic Outlook for 2022.

The growth in the South Caucasus is projected to be moderate at 3.9% in 2022 and 3.6% in 2023.

The June issue of the WB Global Economic Outlook for 2021 forecasts that the Azerbaijani economy will grow by 3.9% this year and 3.4% next year. This is 0.8% and 0.7% less than the latest forecasts, respectively.

According to the World Bank, the growth in Azerbaijan is expected to slow on the forecast horizon, but is expected to remain above the 2010-2019 average rate, supported by expansion in the non-energy sector, increased public investment and stable energy sector growth in line with OPEC+ quotas and high natural gas production.