BAKU: The Central Bank of Azerbaijan forecasts GDP growth at 3.5-4 percent this year, Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said, Trend reports.

He made the remark during the press conference on changes in the parameters of the discount rate.

According to him, growth is expected to reach 3 percent next year.

“In turn, non-oil GDP is forecast to grow at the level of 5-6 percent,” he emphasized.

To note, the World Bank estimates that Azerbaijan’s real GDP growth in 2024 will amount to 2.3 percent; the Asian Development Bank (ADB) expects that Azerbaijan’s GDP growth rate will amount to 1.2 percent in 2024; and S and P Global Ratings expects that Azerbaijan’s real GDP growth in 2024 will amount to 1.5 percent.

The Ministry of Economy of Azerbaijan forecasts GDP growth of 2.4 percent for 2024 and 2.9 percent for 2025.

CBA lowered the refinancing rate from 7.5 to 7.25 percent on May 1. The upper limit of the interest rate corridor was reduced from 8.5 percent to 8.25 percent, while t
he lower limit was kept unchanged at 6.25 percent.

Source: Trend News Agency