World Bank forecasts economic growth in Azerbaijan

The World Bank (WB) forecasts economic growth in Azerbaijan at 2.3 per cent in 2024, and at 2.4 per cent in 2025 and 2026.

The GDP growth rate in 2024-2025 decreased by 0.1 percentage points, Azertag reports citing the WB’s June report on the economy of Europe and Central Asia “Unlocking the Power of the Private Sector,” published on June 12.

According to the WB’s forecasts, economic growth in the South Caucasus in 2024-2026 will stabilise at around 3.5 per cent.

The 30th anniversary of the partnership between Azerbaijan and the World Bank was marked in 2022. To acknowledge three decades of cooperation and partnership, and to discuss Azerbaijan’s future development aspirations, the Government of Azerbaijan and the World Bank – together with development partners, private sector, academia and media – came together at a forum titled “Azerbaijan: Growth Prospects in the Changing Global Economy.” Participants discussed emerging global economic trends and the prospects for Azerbaijan to achieve economic growth.

Azerbaijan joined the World Bank, the world’s largest multilateral development finance organisation, in September 1992, after the country had regained independence. Over the past thirty years, the Bank has financed more than 50 investment projects amounting to over $4.5 billion in loans and credits, along with a wide range of knowledge-sharing, capacity-building and technical assistance activities in support of national priorities and needs.