The Asian Development Bank (ADB) has raised its economic growth forecast for the Caucasus and Central Asian countries (CCA), which includes Azerbaijan, APA-Economics reports citing ADB's Asian Development Outlook (ADO) for December 2023.
The Caucasus and Central Asia’s 2023 outlook has improved, with growth now forecast at 4.8% primarily on expectations of faster growth in Kazakhstan. The 2024 forecast is revised down slightly to 4.6%.
Inflation projections for the Caucasus and Central Asia are revised up to 10.9% for 2023 from September’s 10.6% forecast, and to 8.4% from 8.0% for 2024.
ADB also noted that the economic growth in Azerbaijan decreased to 0.8% in the nine months of this year. The Bank attributed this to the decline in oil production and the decline in the service sector.
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