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

ING increased its GDP growth forecast in Azerbaijan from 2.8% to 3.8% in 2024 which is 1% more than the previous forecast.

The corporation has raised its GDP growth forecast for the third quarter of 2024 from 2.0% to 3.5%, and for the final quarter of the year, from 1.5% to 3.0%. However, the corporation has kept its forecast for 2025 unchanged at 2.5%.

Note that according to its recently published forecast, the World Bank forecasts economic growth in Azerbaijan at the level of 2.3% in 2024, and 2.4% in 2025 and 2026. The Asian Development Bank expects economic growth of 1.2% in 2024 and 1.6% in 2025 in Azerbaijan. The State Statistics Committee has announced that it recorded an economic growth of around 4.3% in the first half of the year.