World Bank foresees economic growth in Azerbaijan

The World Bank projects a 2.3% increase in Azerbaijan’s Gross Domestic Product (GDP) for 2024, followed by 2.4% in 2025 — both figures 0.1% lower than the Bank's January projection for this year. 

The forecast indicates that economic growth in Azerbaijan will reach 2.4% in 2026, Caliber.Az informs referring to the World Bank's global economic report.

Overall, economic growth in the South Caucasus countries is expected to stabilise at approximately 3.5% from 2024 to 2026. The report anticipates some recovery in Azerbaijan’s hydrocarbon exports, which were significantly reduced in 2023. This is likely to offset the slowdown following the unusually high growth rates in Armenia and Georgia in recent years. Additionally, the ongoing conflict in Ukraine is expected to continue influencing trade growth in the region.

Notably, Azerbaijan became a member of the World Bank in September 1992, following its independence. Over the past three decades, the World Bank has supported the country with over 50 investment projects totalling more than $4.5 billion in loans and credits, as well as a variety of knowledge-sharing, capacity-building, and technical assistance efforts aligned with national priorities.