The Asian Development Bank (ADB) has increased the inflation forecast for the Caucasus and Central Asia region by 0.3 percentage points for 2023 and 2024.
Publika.az reports that this was stated in ADB’s report on the economic growth forecast of Asian countries entitled “Strong development with inflation”.
Thus, the inflation forecast for 2023 increased from 10.3% to 10.6%, and from 7.5% to 7.8% for 2024, compared to the forecast published in April.
It was noted that the reason for this is the observation of high inflation in Kazakhstan and Azerbaijan. Thus, the inflation forecast in Kazakhstan has been increased from 11.8% to 12.4% for 2023, from 6.4% to 7.2% for 2024, compared to the forecast published in April.
“Despite the tightening of monetary and credit policy in Azerbaijan, inflation was at the level of 11.5% in the first 5 months of this year. Foreign inflationary pressures have decreased in Kazakhstan. However, the strengthening of fiscal policy in 2023 and 2024 will hinder efforts to reduce inflation,” ADB reports.
The report also states that inflation in Georgia has decreased significantly. It was reduced from 13.1% recorded in the first 5 months of last year to 5.4% a year later, and from 7.7% to 5.2% in Armenia. The rate of decrease was also recorded in Turkmenistan.
