BAKU, Azerbaijan, June 8. Azerbaijan’s real GDP growth is expected to stand at 2.7 percent and 2.2 percent in 2022 and 2023, respectively, Trend reports via Global Economic Prospects from the World Bank (WB).
As of WB’s January 2022 forecast, the country estimated GDP growth was at 3.1 percent in 2022, and 2.7 percent in 2023.
According to the forecast, Azerbaijan’s GDP growth in 2024 will reach 2.3 percent.
Meanwhile, Azerbaijan’s GDP growth in 2021 stood at 5.6 percent in 2021, which is an increase, compared to negative 4.3 percent in 2020, the report said.
“Although higher global commodity prices should provide windfalls that help cushion activity in some economies (Azerbaijan, Kazakhstan, Uzbekistan), these benefits are likely to be limited. An important reason is supply constraints, with the oil sector already operating close to capacity in Azerbaijan,” the WB noted.
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