WB lowers outlook for Azerbaijan's economic growth

The World Bank has lowered its forecast for gross domestic product (GDP) growth in Azerbaijan in 2022 and 2023, Report informs, citing the Bank.

The document says that the outlook for economic growth in 2022 has been reduced from 3.1% to 2.7%, and in 2023, from 2.7% to 2.2%.

The World Bank has also revised its predictions for GDP growth in Georgia and Armenia. Thus, the Bank expects economic growth in Georgia to be 2.5% (-3 percentage points) this year and 5.5% (+0.5 percentage points) next year. The economic growth forecast for Armenia in 2022 was reduced by 3.6 percentage points to 1.2% and in 2023, by 0.8 percentage points to 4.6%.