IMF lowers GDP growth outlook for Azerbaijan in 2023-2024

BAKU. Oct 10 (Interfax) - The International Monetary Fund is forecasting GDP growth of 2.5% for Azerbaijan in 2023 and 2024, the IMF said in its latest World Economic Outlook.

The IMF said in its April outlook that it thought Azerbaijan's economy would grow 3% in 2023 and 2.6% in 2024.

The economy could grow 2.5% in 2028, compared with the April forecast of 2.6%.

Consumer price growth could average at 10.3% in 2023, less than the 11.3% forecast in April and the 13.9% seen in 2022, then 5.6% in 2024, down from the April forecast of 8%, and 4% in 2028, as forecast in April.

The current account surplus might be 16.3% of GDP in 2023, down from the April forecast of 19.2%, then 15.7% in 2024, down from 17.4%, and 7% in 2028, down from 8%. The IMF estimates there was a surplus of 29.8% of GDP in 2022.

The Azerbaijani Economy Ministry expects GDP to grow 1.9% in 2023, 2.4% in 2024 and 2.9% in 2025. Inflation could be 9.5% in 2023, 5.3% in 2024 and 4.9% in 2025. GDP grew 4.6% in 2022.