The International Monetary Fund (IMF) has updated its economic growth forecast for the Middle East and Central Asia region, where Azerbaijan is located, APA-Economics reports citing the IMF's report.

Growth in emerging and developing Asia in 2023 and 2024 is 2,5% and 3,2%, respectively, a 0,4% and 0,3% decrease compared to Fund’s April forecast.

The economic growth forecast in the region is connected to Saudi Arabia’s economic growth decrease to 1,9% in 2023 from 8,7% in 2022. The decrease of rating for 2023 is mainly related to Saudi Arabia's reduction of oil production in accordance with the agreement reached through OPEC+. It was stated that the growth in the country's non-oil sector will continue.

Source: Azeri-Press News Agency