BAKU, Azerbaijan, July 21. During the 44-day Karabakh war in 2020, the investments in the construction sector in Azerbaijan increased by 5.2 percent, reversing a 5-year decline in the sector, Trend reports via Asian Development Outlook (ADO) 2022.
According to the report, due to the high growth in the non-oil sector, Azerbaijan’s economy expanded by 7.2 percent in May 2022.
“Subregional growth projections are revised up for the Caucasus and Central Asia, from 3.6 percent to 3.8 percent for 2022 and from 4 percent to 4.1 percent for 2023,” the outlook noted.
Azerbaijan also sustained the economic fallout resulting from the Russia-Ukraine conflict better than expected, ADO added.
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