BAKU, Azerbaijan, December 26. Azerbaijan's annual GDP growth rate will increase to an average of 2.5 percent between 2024 and 2028 and will be maintained in the long term, Trend reports, referring to World Economic League Table (WELT 2024).
According to the WELT research issued by the Center for Economic and Business Research (CEBR), Azerbaijan's GDP would expand by three percent in 2024 compared to 2023, 13 percent in 2028 compared to 2023, 28 percent in 2033, and 46 percent in 2038.
Meanwhile, nominal GDP will rise from $77 billion in 2023 to $81 billion in 2024, $94 billion in 2033, and $117 billion in 2038, up from $79 billion in 2022.
According to the report, Azerbaijan, categorized as an upper-middle-income country, will have a GDP per capita of $18,694 in 2023 when adjusted for Purchasing Power Parity (PPP).
"The government maintains fiscal restraint, and the budget surplus will be one percent of GDP in 2023. Because the public finances are resilient, the country has room to pursue expansionary fiscal policies that promote growth in the future," the center's analysts said.
The report notes that the performance of the private sector in Azerbaijan has improved due to a regulatory and institutional environment that is increasingly favorable for doing business.