Baku:The Central Bank of Azerbaijan (CBA) has revised its economic growth forecast, projecting the country’s gross domestic product (GDP) to increase by 1.3% this year and 2.4% in the following year. This announcement was made by CBA Governor Taleh Kazimov at a press conference dedicated to the bank’s monetary policy decisions.
According to Azeri-Press news agency, the CBA Governor highlighted that this year’s economic growth forecast has been revised upward. Furthermore, he anticipates that the non-oil and gas sector will experience significant growth, with projections of a 2.8% increase by 2026 and a 4.3% increase by 2027.
Taleh Kazimov also identified key sectors contributing to the non-oil and gas sector’s growth, including tourism, trade, transport, and other industries. These sectors are expected to play a crucial role in supporting Azerbaijan’s economic development over the coming years.