BAKU, Azerbaijan, July 19. GDP growth in Caucasus and Central Asia is expected to decrease by 0.1 percentage points in 2023 - from 4.4 percent to 4.3 percent, Trend reports.
According to the data obtained from the Asian Development Bank (ADB), although Georgia, Kazakhstan, and Tajikistan have seen slight upgrades in their growth forecasts for 2023 due to stronger performance in the first five months of the year, these improvements are not enough to compensate for the downgrades in growth projections for Azerbaijan and Turkmenistan.
Looking ahead, ADB expects GDP growth in Caucasus and Central Asia at 4.4 percent in 2024. This is 0.1 percentage points more, compared to 2023 forecast. However, the projection itself has been downgraded by the bank - from 4.6 percent.
As for the largest economy in subregion, Kazakhstan, here economic growth forecast has been upgraded slightly by 0.2 percentage points - up to 3.9 percent in 2023. Next year, the bank expects Kazakhstan's GDP growth at 4.1 percent, which is unchanged, compared to the previous forecast.
Meanwhile, according to the forecast from the International Monetary Fund (IMF), the GDP growth in the region is forecast to stand at 4.2 percent in 2023, and 4.5 percent in 2024 (4.8 percent growth in 2022).