BAKU, Azerbaijan, June 6. The World Bank (WB) expects Azerbaijan's GDP growth at 2.2 percent in 2023, Trend reports.
The present forecast has been left unchanged, compared to the previous one published in April this year.
As stated in the report, Azerbaijan's GDP growth is forecast to recover to 2.5 percent in 2024, and 2.6 in 2025. At the same time, the country's economic growth stood at 4.6 percent in 2022, according to the bank's estimations.
Meanwhile, for the whole ECA (Europe and Central Asia) region is expected to increase modestly to 1.4 percent in 2023. Furthermore, regional growth is forecasted to rebound to 2.7 percent annually in 2024-2025, primarily due to a resurgence in both external and domestic demand.
This positive trajectory comes as the adverse growth shocks subside. As migrant and capital flows from Russia stabilize and economic growth in the European Union strengthens, the divergences in growth rates within the region are anticipated to diminish.