BAKU, Azerbaijan, April 9. The Central Bank of Azerbaijan and the National Bank of Tajikistan signed a memorandum of understanding this week, Trend reports.
The memorandum's goal is to organize research trips in order to cooperate in the banking sector, exchange experience and information, and discuss relevant issues. Also, the memorandum aims to conduct training, internship programs, seminars, and provide technical advice.
Furthermore, Asian Development Bank (ADB) updated its forecast on Azerbaijan's GDP. The bank's analysts expect Azerbaijan's GDP growth at 3.5 percent in 2023. At the same time, growth is expected to bounce back to 3.8 percent in 2024.
ADB also predicts a slowdown in average annual inflation in Azerbaijan from 13.9 percent to 7 percent in 2023, and to 6.5 percent in 2024.
Moreover, according to ADB's forecasts, Azerbaijan's current account surplus is to expand to the equivalent of 32.2 percent of GDP in 2023.
In addition, the World Bank (WB) disclosed its report this week. According to it, Azerbaijan's GDP growth is expected to be at 2.2 percent in 2023. Also, the bank forecasts GDP growth to recover to 2.5 percent in 2024, and 2.6 in 2025.
Thus, the World Bank forecasts the average annual growth rate of Azerbaijan's GDP in 2023-2025 at the level of 2.4 percent.
Also, according to the WB's forecasts, the current account surplus of Azerbaijan’s balance of payments in 2023 will amount to 19.2 percent of GDP.
The WB analysts predict a current account surplus of the balance of payments in 2024 at the level of 14.8 percent of GDP, and in 2025 – 13 percent of GDP.
Furthermore, the World Bank expects inflation rate in Azerbaijan to stand at 8.5 percent in 2023. According to the bank's analysts, inflation rate in the country is projected to ease to 6.2 percent in 2024, and even further to 5.4 percent in 2025.