ING: Azerbaijan's economy to grow by 2.25% on average in 2025–2027

The largest banking group in the Netherlands, ING Group, forecasts economic growth in Azerbaijan at 2.3% in 2025, 2.5% in 2026, and 2% in 2027, Report informs referring to ING.

Compared to previous forecasts, the GDP growth rate for the current year has been reduced by 0.2 percentage points, and for 2026-2027, it remained unchanged. Thus, the average annual GDP growth of the country in 2025-2027 is projected at 2.25%.

According to the bank's estimates, the economic growth forecast for the third quarter of 2025 is 2%, the fourth quarter 4.5%, for the first quarter of 2026, 3.5%, the second quarter 3%, the third quarter 2.5%, and the fourth 1%.

According to the forecast of the Ministry of Economy of Azerbaijan, GDP growth is expected at 3% in 2025, 3.2% in 2026, and 3.6% in 2027.

Forecasts from international rating agencies vary: S&P Global expects growth in 2025-2026 at the level of 2% per year, Fitch Ratings at 3% in 2025 and 2.4% in 2026, and  Moody's at 2.5% per year.

The International Monetary Fund for 2025-2026 forecasts growth of 3.5% and 2.5%, respectively, and the European Bank for Reconstruction and Development at 3% in 2025, 2.5% in 2026.

The Asian Development Bank forecasts growth in the next two years at the level of 3.4% and 3.3%, respectively, the World Bank expects economic growth in Azerbaijan at the level of 2.6% in 2025 and 2.4% in 2026.

In 2024, the economy of Azerbaijan grew by 4.1%, and in January-August 2025 by 1%.