BAKU, Azerbaijan, October 5. The GDP growth in Central Asia is expected at 4.5 percent in 2023, Trend reports.
As UNCTAD forecast indicates, the outlook has been revised up by 0.1 percentage points, compared to April 2023 report.
However, the region's GDP growth in 2024 is projected to decline to 3.8 percent, the outlook says
At the same time, according to UNCTAD's calculations, Central Asia's GDP growth in 2022 stood at 4.5 percent (5.3 percent in 2021).
Meanwhile, the organization noted that, with the exception of East and Central Asia, all regions are projected to experience a decrease in growth this year compared to 2022, with the most significant decline anticipated in Europe.
Thus, the global economic output growth is forecasted to slow down to 2.4 percent in 2023, followed by a slight uptick to 2.5 percent in 2024. These growth rates are some of the lowest observed in the past four decades, excluding crisis years. Additionally, the 2023 figure falls below the conventional threshold of 2.5 percent, typically indicating a global economic recession. It's important to note that these projections carry increased downside risks in recent months.
