TBILISI, Georgia, May 4. Economic growth in the Caucasus and Central Asia will recover in 2025, ADB Director General for Central and West Asia Eugenue Zhukov said during a briefing at the ADB annual meeting in Tbilisi on May 4, Trend reports.
“In the Caucasus and Central Asia, growth remained at 5.3 percent and is expected to slow to 4.3 percent in 2024 and recover to 5 percent in 2025," he said.
According to him, economic growth in Kazakhstan accelerated to reach 5.1 percent in 2023, driven by both oil and non-oil sectors, as well as private and public consumption and investment. However, in Azerbaijan, growth was significantly impacted by lower oil production.
“In Armenia, Georgia, and the Kyrgyz Republic, growth slowed after exceptionally high levels in 2022 as external secondary effects diminished. In Tajikistan, Turkmenistan, and Uzbekistan, economic growth accelerated in 2023 due to faster industrial and agricultural development,” added Evgenue Zhukov.