The growth projection for the Caucasus and Central Asia is revised upward to 4.9% from 4.7% for 2024 and to 5.3% from 5.2% for 2025, Asian Development Bank's forecast for the region states, APA-Economics reports.
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. 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.
The growth outlook remains unchanged for Armenia, Kazakhstan, the Kyrgyz Republic, and Turkmenistan.
