Azerbaijan's economy to grow 2.8%, Armenia 4.1%, Georgia 4% in 2023 – World Bank

BAKU. Jan 11 (Interfax-Ukraine) – Azerbaijan’s GDP could grow 2.8% in 2023, the World Bank said in its January Global Economic Prospects.

Azerbaijan’s economy might grow 2.6% in 2024, it said.

The World Bank estimates Azerbaijan grew 4.2% in 2022.

Armenia’s GDP might rise 4.1% and 4.8% in 2023 and 2024, respectively, and Georgia’s 4% and 5%.

"In the South Caucasus, growth in 2023 is projected to halve to 3.3%. The forecast deceleration reflects weakening momentum after the strong rebound in 2021-22, the slowdown in the euro area, ongoing border tensions between Armenia and Azerbaijan, and the ongoing contraction of output in Russia, one of the South Caucasus’s closest economic partners," the World Bank said.

Azerbaijan’s government is predicting 2.7% growth in 2023 and 4.1% growth in 2024.

Armenia is planning 7% growth in 2023, Prime Minister Nikol Pashinyan said this week.