According to the report of the International Monetary Fund, global economic growth will weaken
The International Monetary Fund (IMF) released the 2023 "Prospects for the development of the world economy" report. Commenting on the report, Deputy Head of Department of the Center for Analysis of Economic Reforms and Communication, Gunay Guliyeva said that the global economic growth indicator has decreased compared to 3.4 percent growth in 2022, and 2.8 percent is predicted for 2023. For 2024, this indicator will stabilize at 3 percent.
The report shows that economic growth in advanced economies will slow significantly from 2.7 percent in 2022 to 1.3 percent in 2023. In the alternative scenario where the financial sector deteriorates, indicators are predicted to fall even further, to 2.5 percent for the global economy, and below 1 percent for advanced economies. The report also predicts that inflation will decrease from 8.7 percent in 2022 to 7 percent in 2023 amid falling commodity prices.
In the IMF report, the economic growth for 2023 for Azerbaijan was predicted at the limit of 3 percent. Also, in the forecasts given for the country, it is predicted that the current account balance will be positive and the ratio of the current account balance surplus to the gross domestic product (GDP) will be at the level of 19.2%. This is a very high indicator compared to the countries of the region.
Related news
Azerbaijan-US Economic Relations Hold Long-Term Prospects
As is known, US Vice President J.D. Vance has commenced his regional visit. Following meetings in Yerevan last week, Mr. Vance is scheduled to visit Azerbaijan this week. On the eve of this visit, President Ilham Aliyev received a…
Azerbaijan-US economic relations: Key outlines of a New Phase
The recent surge in high-level contacts between Azerbaijan and the United States can be characterized as the beginning of a new phase in bilateral relations. This period is significant not only for the strengthening of political ties…
Meeting of the "Human Capital and Education" working group held
A regular meeting of the "Human Capital and Education" Working Group was held at the Ministry of Science and Education, dedicated to the year-end results of the "Education Meeting 21st Century Requirements" objective…
Meeting of the "Green Energy Zone" Working Group Held to Review 2025 Results
A regular hybrid meeting of the "Green Energy Zone" Working Group was held to discuss the draft annual report on the 2025 implementation of the "Strategy for Socio-Economic Development of the Republic of Azerbaijan…
Working Group on "Environmental Issues" discusses 2025 outcomes
A meeting of the Working Group on "Environmental Issues" was held within the framework of the "Strategy for Socio-Economic Development of the Republic of Azerbaijan for 2022-2026." The session focused on the progress…
Meeting of the working group on "Macroeconomic Stability" convened
A regular meeting of the Working Group on "Macroeconomic Stability" was held at the Central Bank of Azerbaijan to discuss the implementation of the "Strategy for Socio-Economic Development of the Republic of Azerbaijan…
CAERC employee participated in an international conference dedicated to women's…
Simrah Ismayilova, Chief Advisor of the Monitoring and Evaluation Division at the Center for Analysis of Economic Reforms and Communication, participated in the International Conference on Investing Religious and Media Discourse in…
Meeting with MP Bahruz Maharramov on the Occasion of Youth Day Held at CAERC
A meeting with Bahruz Maharramov, a member of the National Assembly of Azerbaijan, was held at the Center for Analysis of Economic Reforms and Communication (CAERC) on February 2nd, in celebration of Youth Day. The event, titled “Azerbaijani…
Op-eds
Isa Gasimov
Head of the “Enterprise Azerbaijan” portal
Transition to an Innovation Ecosystem: Azerbaijan’s Strategic Choice
Gultaj Ahmadzada-Tapdigzada
Head of Sector at the Monitoring and Evaluation Division
Strategic Targets of Azerbaijan’s Energy Transformation
Samir Rahimov
Leading consultant of the Monitoring and evaluation division
Improving transport infrastructure in Baku and surrounding areas - Global challenges and the role of the State Program
Agil Asadov
Head of the Strategic planning division
The strategic importance of the Middle Corridor: growth of investment along the Trans-Caspian route and Azerbaijan’s regional…
Jeyran Babirova
Leading consultant of the Strategic planning division
COP30 marks the practical implementation phase of the political and financial architecture shaped by COP29
Isa Gasimov
Head of the “Enterprise Azerbaijan” portal
Research and Development (R&D) and Innovation: from Knowledge to Value, from Value to Capital
Rashad Najafli
Chief advisor of the Economic analysis division
Azerbaijan: A Reliable and Strategic Investment Hub among LLDCs