BAKU, Azerbaijan, February 29. International rating agency S&P Global Ratings forecasts GDP growth rates in Central Asian and South Caucasus countries to average four percent in 2024, Trend reports.
According to the estimate, after experiencing remarkable growth
dynamics in 2022-2023, GDP growth rates in Central Asian and
Caucasus countries are slowing, while staying strong.
Furthermore, the rating agency predicts that non-resident deposits
in Central Asia and the Caucasus would remain relatively stable in
2024.
S&P Global Ratings underlines that a positive macroeconomic
climate will promote steady asset quality in these countries.
The agency also emphasizes that strong credit expansion will
contribute to earnings growth.
"Domestic deposits, government funding, and financing from international financial institutions will remain the main sources of funding for the region's banking sector, and a favorable macroeconomic environment will support the growth of these sources of funding," the agency stresses.
Meanwhile, the World Bank (WB) expects that the real GDP growth of the South Caucasus countries in 2024 will amount to 3.3 percent.
According to the WB report Global Economic Prospects, the GDP growth of the South Caucasus countries is also forecasted at 3.3 percent for 2025.
Thus, the average annual growth in the region will amount to 3.3 percent.
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