ASTANA, Kazakhstan, December 13. Asian Development Bank (ADB) has upgraded its forecast for economic growth in the Caucasus and Central Asia region in 2023 and 2024, Trend reports.
Thus, the growth forecast for the two regions at the end of 2023 has been raised to 4.8 percent compared to the September forecast, when growth was projected at 4.6 percent.
At the same time, the forecast for economic growth in the Caucasus and Central Asia in 2024 has been lowered. Thus, in the September forecast, growth was expected at 4.7 percent, and in the new December forecast it was lowered to 4.6 percent.
As the bank explains, the upward revision reflects an improved outlook for Kazakhstan and Tajikistan for 2023. The growth outlooks for some other economies in the subregion have somewhat moderated.
For the Asian region as a whole, ADB estimates that economic growth will be 4.9 percent at the end of 2023 and 4.8 percent in 2024.
In addition, Asia's growth forecast for 2023, excluding China, was 4.5 percent, and for 2024 – 5 percent.