“In the South Caucasus, economic growth is estimated at 4.6% in 2024, with a 1.1 percentage point improvement from the June forecast,” it was stated in the report of the World Bank on the economic prospects of the Europe and Central Asia region, Paralel.Az-Economics reports.

It was reported that the growth rate in the South Caucasus is the fastest pace of expansion among all ECA subregions.

WB stated that in Azerbaijan, growth is likely to be substantially stronger than in 2023 because of large public investment.

“In Armenia and Georgia, growth is expected to remain well above the potential level, driven by household consumption, investment, and government spending. However, in Armenia, growth is expected to ease to 5.5 percent this year, from 8.3 percent in 2023, partly because of the normalization of migration, tourist arrivals, and remittance inflows from the Russian Federation,” the report added