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Azerbaijan's economy projected to grow 2.5 pct this year

BAKU
2023-02-17 04:37

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BAKU, Feb. 16 (Xinhua) -- Azerbaijan's economy is projected to increase 2.5 percent this year, according to the latest forecast of the European Bank for Reconstruction and Development published on Thursday.

The country's economy is forecast to grow 2.7 percent in 2024, the bank said in its latest Regional Economic Prospects report.

High gas prices and persistent inflation continue to weigh on the economic outlook, the bank said, adding that output in its regions, which stretch across three continents, is now expected to grow 2.1 percent in 2023.

According to the Azerbaijani Ministry of Economy, the country's economy is estimated to grow 2.7 percent this year and 4.2 percent in 2024.

Last year, Azerbaijan's economy rose by 4.6 percent.
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