ING upgrades economic growth forecast in Azerbaijan for 2024

ING (Internationale Nederlanden Groep), the Netherlands' international banking and financial services corporation, has updated its economic growth forecast for Azerbaijan, News.az reports.

ING increased its GDP growth forecast in Azerbaijan from 2.8% to 3.8% in 2024 which is 1% more than the previous forecast.

The corporation has raised its GDP growth forecast for the third quarter of 2024 from 2.0% to 3.5%, and for the year's final quarter, from 1.5% to 3.0%. However, the corporation has kept its forecast for 2025 unchanged at 2.5%.

Note that according to its recently published forecast, the World Bank forecasts economic growth in Azerbaijan at the level of 2.3% in 2024, and 2.4% in 2025 and 2026. The Asian Development Bank expects economic growth of 1.2% in 2024 and 1.6% in 2025 in Azerbaijan. The State Statistics Committee has announced that it recorded an economic growth of around 4.3% in the year's first half.

News.Az