BAKU, Azerbaijan, December 7. S&P Global Ratings, the international rating agency, has taken a fresh look at Azerbaijan's inflation forecast, now expecting an annual rate of two percent for 2024, a step back from the earlier estimate of three percent, Trend reports citing the agency.
The organization indicates that the average annual inflation rate in Azerbaijan is projected to rise to four percent next year, thereafter decreasing to three percent in subsequent years.
To note, the International Monetary Fund (IMF) forecasts Azerbaijan’s average inflation at 2.1 percent for 2024, while the World Bank predicts 4.2 percent. The United Nations (UN) expects 5.9 percent, and in 2025, 3.9 percent, and the Asian Development Bank (ADB) projects 5.5 percent in 2024 and 6.5 percent in 2025. The European Bank for Reconstruction and Development forecasts that average annual inflation in Azerbaijan will slow down in 2024 to 3.5 percent from 8.8 percent in 2023.
A bit contrary to the above estimates, the Central Bank of Azerbaijan expects inflation in the country to be 4±2 percent in 2024, while the Ministry of Economy forecasts an average inflation rate of 2.7 percent for 2024. The Ministry also anticipates inflation will rise to 4.6 percent in 2025, 4 percent in 2026, and remain at 3.8 percent annually from 2027 to 2028.
S&P Global Ratings is an American credit rating firm and a subsidiary of S&P Global that disseminates financial research and analysis on equities, fixed-income securities, and commodities. The organization, functioning as a credit rating agency, assigns credit ratings to the debt of both public and private entities, as well as to public debtors, including governments, governmental agencies, and municipalities.
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