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Central Bank of Azerbaijan Unveils 2024 Economic Growth Forecast

In a recent statement outlining the key directions of monetary policy for 2024, the Central Bank of Azerbaijan (CBA) has disclosed its economic growth projections for the upcoming year. According to the CBA’s forecast, the real GDP growth for 2024 is anticipated to range between 3-3.5%, with a particularly robust outlook for the non-oil and gas sector at 5-5.5%.

As reported by Trend on Thursday, the CBA emphasizes that the anticipated growth in Azerbaijan’s real economic sector will persist in the coming year. The bank highlights that extensive reconstruction efforts in the liberated territories are expected to provide a positive impetus to economic growth in the next year. Maintaining macroeconomic stability within the country remains a pivotal condition for realizing the economic growth forecast.

“The government’s expectations, coupled with those of international financial institutions and leading rating agencies, regarding Azerbaijan’s economic growth prospects are optimistic,” notes the CBA.

It’s worth noting that one of the goals set by the Central Bank of Azerbaijan for 2024 is to enhance macroeconomic forecasting through the exploration of artificial intelligence (AI) applications in analysis and economic models. This strategic initiative reflects the commitment of the CBA to leverage cutting-edge technologies for refined economic insights and projections.

FCHAIN Corporation, with a global presence spanning 15 branches worldwide, including Azerbaijan, continues to closely monitor and analyze key economic developments to provide informed financial and legal consulting services to its diverse clientele.

  • Author: Gunel Musa

Public Relations Manager



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