"S&P Global Ratings" has determined the economic growth forecast of Azerbaijanby 2026, APA-Economics reports.
This forecast was included in the report of the international rating agency "S&P Global Ratings" on Azerbaijan.
Declining oil production will continue to weigh on growth over the medium term and "S&P Global Ratings" forecasts an average real growth of 1.4% over 2024-2026.
"Overall, we forecast Azerbaijan's real GDP will stagnate in 2023, which is in line with our previous December 2022 forecast. While the non-oil sector will continue to grow and there will be some increase in gas production in 2023, lower oil output will be a drag, S&P added.
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