“We expect Azerbaijan’s real GDP growth to accelerate to 2.1% in 2024 from 1.2% in 2023,” "Moody's" international credit rating said, APA-Economics reports.
It was noted that higher government spending in the context of high oil prices will continue to boost the non-oil economy, where banks do most of their business, which will support banks' credit growth, asset quality and profitability.
“Growing natural gas production and export volumes, and higher expenditure for the reconstruction of territories in Garabagh will support economic growth in 2024. Geopolitical tensions with Armenia are likely to ease as both countries work towards signing a full peace treaty,” – Moody’s added.
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