ING increases economic growth forecast for 2024 in Azerbaijan

The Netherlands-based ING Group has released its latest economic growth projections for Azerbaijan, forecasting a growth rate of 4.2% in 2024, 2.6% in 2025, and 2.8% in 2026, Report informs, citing the group's forecast.

These figures represent a slight upward revision of 0.7 percentage points for 2024 compared to the previous forecast while remaining unchanged for 2025 and 2026.

Thus, Azerbaijan's GDP growth in the fourth quarter of 2024 is projected at 3% compared to 5.4% in the third quarter. Looking ahead to 2025, economic growth is projected to be 2% in the first quarter, 2.5% in the second quarter, and 3% in both the third and fourth quarters.

The State Statistical Committee of Azerbaijan reported that the country's GDP increased by 4.9% in January-October 2024 compared to the same period last year. The Azerbaijani government's own projections anticipate GDP growth of 4.2% in 2024 and 3.5% in 2025, 2.8% in 2026, 3.8% in 2027, and 3.3% in 2028.

Various international organizations have also provided their forecasts for Azerbaijan's economic growth. The United Nations (UN) predicts GDP growth of 3.8% this year and 2.8% in 2025. The World Bank estimates GDP growth of 3.2% this year and 2.7% in 2025 and 2.4% in 2026. The International Monetary Fund (IMF) forecasts GDP growth of 3.2% this year and 2.5% in 2025.