EBRD releases economic growth outlook for Azerbaijan

The European Bank for Reconstruction and Development (EBRD) has projected that Azerbaijan’s real GDP will grow by 2.5 per cent in 2023 compared to 2022.

The bank expects real economic growth in Azerbaijan next year to reach 2.7 per cent, Report quotes the EBRD’s latest outlook as saying.

EBRD’s activity in Azerbaijan is helping diversify the country’s economy by supporting the development of the private sector in non-oil sectors and strengthening the governance of private and state-owned companies.

It is also expanding access to finance for local businesses by encouraging lending by banks and non-bank financial institutions as well as by helping develop local currency and capital markets.

The Bank also supports the country’s green economy, including financing for renewable energy sources, increased energy efficiency and cleaner transport and sustainable infrastructure.