ADB renews forecast for Caucasus economic growth

The Asian Development Bank (ADB) has renewed its economic growth forecast for 2023 for the Caucasus where Azerbaijan is located and Central Asia.

ADB has determined the growth of the real gross domestic product in 2023 at 4.2 per cent compared to 4.8 per cent last year, APA reports citing the ADB report.

Moreover, ADB predicted inflation in the region at 8.5 per cent in 2023. ADB set inflation in the Caucasus and Central Asia region at 12.5 per cent by late 2022.

"The complex global situation is expected to slow economic growth in all sub-regions of Asia except the Caucasus and Central Asia," the ADB report says.