The Asian Development Bank (ADB) expects Azerbaijan's gross domestic product (GDP) to be 3.5% higher this year than in 2022, the updated Asian Development Outlook for April 2023 reports.

According to the document, this is 0.7 percentage points higher than the ADB's September forecast. The bank expects Azerbaijan's economy to grow by 3.8% next year. The ADB predicts that the economy of the Caucasus and Central Asia region will grow 4.4% this year (0.2% more than the previous forecast) and 4.6% next year.

"Armenia's economic growth will slow to 6.5% in 2023 and 5.5% in 2024, depending on domestic and external demand," the organization said. "Inflation is also expected to slow down to 7 percent in 2023 and 6.2 percent in 2024," the report said. It said Armenia's economic growth has more than doubled from 5.7 percent in 2021 to 12.6 percent in 2022, mainly due to strong demand and investment growth driven by a large inflow of people and capital from Russia.

Georgia's gross domestic product (GDP) is projected to be 4.5 percent in 2023, according to the Asian Development Outlook (ADO) for April 2023, the Bank's annual economic publication released today. Growth is expected to accelerate to 5% in 2024, driven by continued gains in services.