The European Bank for Reconstruction and Development (EBRD) has forecasted stronger growth in Azerbaijan in 2024, Paralel.Az-Economics reports.

The bank increased the GDP growth forecast of Azerbaijan for 2024 from 2.4% to 3.1%.

In the latest Regional Economic Prospects report of the European Bank for Reconstruction and Development (EBRD), it was stated that the economic growth of Azerbaijan increased rapidly from the middle of 2023 to the first quarter of 2024.

The bank expects growth to slow down slightly to 2.7% in 2025.

The recent increase was influenced by the increase in European demand for Azerbaijan's oil and gas. In addition, public sector expenditures and investments are also expected to increase.