ING (Internationale Nederlanden Groep), the international banking and financial services corporation of the Netherlands, updated the economic growth forecast of Azerbaijan, Paralel.Az-Economics reports.

Note that ING has reduced the forecast of the growth of the gross domestic product (GDP) in Azerbaijan for 2023 from 1.2% to 0.6%.

ING predicted economic growth of 4% in the first quarter of 2024 and 2.5% in the second quarter. In general, the corporation did not change its forecast for the next two years. That is, the forecast for GDP growth in Azerbaijan in 2024 is 2.5%, and in 2025 it is 2.7%.

Noted that the Ministry of Economy of the Republic of Azerbaijan predicted the growth of GDP in Azerbaijan at the level of 1.9% in 2023, 2.4% in 2024, and 2.9% in 2025.