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ECONOMY

IMF raises forecast on Azerbaijan's GDP growth

21.04.2022 [12:44]
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IMF raises forecast on Azerbaijan's GDP growth

Baku, April 21, AZERTAC

The International Monetary Fund (IMF) has updated its forecast for Azerbaijan's economy saying that it will grow by 2.8% this year.

According to the Center for Analysis of Economic Reforms and Communication, the IMF report published in October 2021 estimated this figure for Azerbaijan at 2.3 percent.

“The IMF expects the Azerbaijani economy to grow by 2.6 percent in 2023,” said an analyst at the Center for Economic Reforms Analysis and Communication Joshgun Jafarov.

He also mentioned that the World Economic Outlook published in April 2022, titled "War Sets Back the Global Recovery," lowered the IMF’s global economic growth forecasts from 4.4% to 3.6%.

The report also reduced economic growth expectations for the advanced economies from 3.9% to 3.3% in 2022 and from 2.6% to 2.4% in 2023.

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