Azerbaijan's Central Bank reveals forecasts for inflation, economic growth, current account surplus for 2024

The Central Bank of Azerbaijan (CBA) has stated that it expects a current account surplus of the country's balance of payments to reach $7-8 billion in 2024.

This forecast is based on a baseline scenario and amounts to 9-10 per cent of the expected gross domestic product (GDP) next year, Report informs, citing the CBA statement on the main directions of monetary policy for 2024.

In addition, the CBA predicted that the real economic growth rate in the country will be about 3-3.5 per cent in 2024.

In the non-oil and gas sector, economic growth is expected to be 5-5.5 per cent, the Bank said.

"Next year, large-scale construction and rehabilitation activities in the liberated territories will give a positive impetus to economic growth," the statement says.

Moreover, the CBA expects annual inflation in the country to amount to 5-5.5 per cent in 2024.

The weakening of the influence of external factors on inflation and anti-inflationary measures carried out jointly with the government will contribute to the formation of inflation in the target range in the medium term.

The Bank also said it plans to review the monetary policy 8 times in 2024 as well as in 2023.

The CBA's monetary policy decisions will be announced on January 31, March 28, May 1, June 21, July 31, September 18, October 30 and December 18.

Four decisions will be made public by CBA Chairman Taleh Kazimov at press conferences. Meetings with the media are scheduled for January, May, July and October.