Azerbaijan's Growth Projected at 3.5 Percent in 2023
In its latest Asian Development Outlook April 2023 report, the bank said that 3.5 percent growth in 2023 would reflect less expansion in the non-hydrocarbon economy.
The forecast indicated that growth is likely to recover to 3.8 percent in 2024, along with oil production following the rehabilitation of oil field infrastructure in 2022.
The bank's estimates also suggest that Azerbaijan's inflation will ease to 7.0 percent in 2023 and 6.5 percent in 2024 thanks to a tight monetary policy, some decline in global commodity prices and reduced bank lending. However, the ABD also forecasted a rise in minimum wages and pensions in late 2022 could boost inflation.
According to the Ministry of Economy estimates, the country's economy will grow 2.7 percent and 4.2 percent in 2023 and 2024, respectively.
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