The Asian Development Bank (ADB) reduced its economic growth forecasts for the Caucasus and Central Asian countries (CCA).
The Bank noted that growth forecasts for the Caucasus and Central Asia are adjusted down from 4.4% to 4.3% in 2023 and from 4.6% to 4.4% in 2024 after oil production in Azerbaijan fell more than expected.
ADB also increased the inflation forecast for the region from 10.3% to 10.6% for 2023 and from 7.5% to 7.8% for 2024 compared to the April report.
