ADB forecasts economic growth of Azerbaijan

ADB forecasts economic growth of Azerbaijan
# 04 April 2023 09:32 (UTC +04:00)

The Asian Development Bank (ADB) forecasts faster growth for developing economies in Asia and the Pacific this year, as the continued easing of pandemic restrictions boosts consumption, tourism, and investment, APA-Economics reports citing ADB.

According to ADB, Azerbaijan's GDP is expected to grow 3,8% in 2024.

"We predict moderate GDP growth in Azerbaijan at the level of 3.5% in 2023, which will accelerate slightly and reach 3.8% in 2024. According to our calculations, the growth of industrial production in Azerbaijan will be 0.5% in 2023 and 1% in 2024," ADB noted.

The growth in Azerbaijan's construction sector will be 12% and 11%, respectively, in 2023-2024, according to ADB.

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