BAKU, Azerbaijan, December 29. The GDP growth of Central Asia and Caucasus is expected at 4.8 percent in 2022, the Asian Development Outlook 2022 from the Asian Development Bank (ADB) said, Trend reports.
Thus, the current forecast has been increased by 0.9 percentage points from 3.9 percent estimated in September.
According to the ADB's outlook, growth prospects in the Caucasus and Central Asia are adjusted up, as spillover from the war in Ukraine has been more benign than expected.
At the same time, the Bank has not changed its forecast for the subregional GDP growth for 2023, and is expecting it at 4.2 percent.
Meanwhile, the subregional inflation projection for 2022 is raised from 11.5 percent (September forecast) to 12.5 percent.
"The forecast for 2023 remains unchanged at 8.5 percent. Inflation persisted in many economies in the subregion, mainly reflecting high food prices since the Russian invasion of Ukraine and buoyant domestic demand," the report added.