BAKU, Azerbaijan, April 4. The reconstruction plan of Azerbaijan's liberated territories, which is outlined in the Government's strategy for 2022-2026, will boost public and private investments, Trend reports via the latest Asian Development Outlook from Asian Development Bank (ADB).
However, as the bank noted, growth in construction will slow slightly from 13.4 percent in 2022 to 12 percent in 2023 and, as the main public infrastructure projects are completed, to 11 percent in 2024.
At the same time, ADB forecasts Azerbaijan's GDP growth to moderate in 2023 and accelerate slightly in 2024.
"Its slowing to 3.5 percent in 2023 will reflect less expansion in the non-hydrocarbon economy, and it will likely recover to 3.8 percent in 2024 along with oil production following the rehabilitation of oil field infrastructure in 2022," the report said.
The bank estimates that gas production in the country will expand further, as boost in mining output will help industry expand by 0.5 percent in 2023 and 1 percent in 2024.
Furthermore, Kazakhstan's KazMunayGaz and the State Oil Company of Azerbaijan (SOCAR) are close to agreeing on oil transportation from Kazakhstan, which would boost transport services if agreement is reached.