EBRD reduces forecasts for economic growth in Azerbaijan


The European Bank for Reconstruction and Development (EBRD) predicts the real gross domestic product (GDP) in Azerbaijan will increase by 2.5% in 2024, Paralel.Az reports citing EBRD.

EBRD says that this indicator is 0.2 % points less than the Bank's forecast in May.

Note that EBRD reduced the forecast on economic growth in Azerbaijan for this year as well. Thus, the economic growth forecast of the Bank for this year was 1.5%, making this indicator 1 % point less than May’s forecast.

Also, EBRD noted that higher oil prices than before the war and high energy exports in the light of increased demand for Azerbaijani gas are likely to support GDP growth.