BAKU, Azerbaijan, October 17. The World Bank (WB) forecasts Azerbaijan's economic growth to stand at 3.2 percent for the current year, Trend reports via Bank reports.
The World Bank's report on economic prospects for the Europe and Central Asia region, titled "Better Education for Stronger Growth" has revised its forecast for next year upward by 0.3 percentage points to 2.7 percent. The outlook for 2026 remains steady at 2.4 percent.
In the South Caucasus, the economy is expected to expand by 4.6 percent in 2024, marking a 1.1 percentage point increase from the previous forecast made in June. This growth rate will be the highest among subregions in Europe and Central Asia. For 2025, the growth forecast is set at 3.7 percent, reflecting a 0.2 percentage point increase from the earlier estimate, while the 2026 projection holds at 3.4 percent.
"Azerbaijan's economic growth in 2024 is anticipated to significantly surpass the previous year's rate of 1.1 percent, driven by substantial public investment," the report said.
To note, the Asian Development Bank has revised up the forecast for Azerbaijan’s GDP growth rate in 2024 from 1.2 percent in its April outlook to 2.7 percent in September outlook. ADB has also improved the forecast for 2025 from 1.6 percent in April to 2.6 percent in September.