ASTANA, Kazakhstan, December 13. Asian Development Bank (ADB) has revised its forecast for inflation in the Caucasus and Central Asia region in 2023 and 2024, Trend reports.
Thus, inflation for 2023 in the above regions is projected to be 10.9 percent, which is higher than the expected inflation in the September forecast (10.6 percent).
At the same time, the inflation forecast for 2024 has also worsened. The ADB forecasts inflation in the Caucasus and Central Asia at 8.4 percent in 2024, down from 8 percent expected in the September report.
As the ADB explains, the upward revision for this year reflects higher projections for Kazakhstan from September’s forecasts.
For the Asian region as a whole, in 2023, ADB forecasts inflation at 3.5 percent, and in 2024 – 3.6 percent.
According to the ADB, inflation forecast for Asia, excluding China, is 6.4 percent in 2023 and 5 percent in 2024.