Growth forecasts for Caucasus and Central Asia states revised up

The Asian Development Bank (ADB) has revised up the growth projection for the Caucasus and Central Asia to 4.9% from 4.7% for 2024 and to 5.3% from 5.2% for 2025.

"The adjustment reflects robust growth in Azerbaijan, Georgia, Tajikistan, and Uzbekistan to date, higher than expected in ADO September 2024. Driven by the nonhydrocarbon sectors supported by public investment, Azerbaijan’s economy expanded 4.7% in the first 3 quarters of 2024. In the same period, GDP growth in Georgia reached 9.8%, due to strong consumption supported by credit and salary growth, as well as public spending on infrastructure," the outlook reads.

ADB experts estimate that with strong remittances and gold exports, Tajikistan’s economy grew 8.4%. With a surge of fixed investment, Uzbekistan’s grew 6.6% in the first 9 months of 2024, Trend reported.

The growth outlook remains unchanged for Armenia, Kazakhstan, Kyrgyzstan and Turkmenistan.