Central Bank of Azerbaijan announces GDP growth forecast for 2023-2024

The Central Bank of Azerbaijan (CBA) forecasts that the country's gross domestic product (GDP) will grow by 4-5 percent in 2023-2024, while growth in the non-oil sector will be 5-6 percent, CBA Chairman Taleh Kazimov said at a press conference on Wednesday, News.Az reports.

“Dynamic development of Azerbaijan's economy, as well as other macroeconomic indicators, allow us to make such forecasts,” he said.

Meanwhile, according to the World Bank forecasts, the growth of Azerbaijan's economy this year will be 2.8 percent, and next year - 2.6 percent.

In addition, the CBA said it has left its discount rate at 9 percent.

The lower and upper thresholds of the interest rate corridor have been left at 7.5 percent and 10 percent, respectively, the CBA said.

The decision to keep the discount rate unchanged was made taking into account macroeconomic analyses, updated forecasts, changes in factors of domestic and external inflation and the balance of risks, the CBA said.

The CBA previously raised the discount rate five consecutive times, increasing it by 25 basis points each time. The last increase was to 9 percent on May 4 and in June the rate was left at 9 percent.

The next time the CBA is scheduled to discuss the discount rate is September 20.


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