WB forecast on Azerbaijan says about GDP growth


January 12, Fineko/abc.az. The World Bank forecasts Azerbaijan's GDP growth rate at 3.1% in 2022 and 2.7% in 2023, ABC.AZ reports with reference to the WB Global Economic Outlook for 2022.

Azerbaijan's gross domestic product (GDP) will increase by 3.1% this year, and by 2.7% in 2023, ABC.AZ informs, quoting from the World Bank (WB)

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.

“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,” the WB Economic Outlook says.

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