S&P Global Ratings Agency unveiled the economic growth forecast of Azerbaijan, Azernews reports.

According to the agency’s forecast, the growth of the real gross domestic product (GDP) for the 2023 year is set at 0%. In other words, S&P Global Ratings reduced the economic growth forecast in Azerbaijan by 1.5% compared to the April forecast.

The agency predicted the growth of real GDP in Azerbaijan in 2023 and 2024 at around 1.5%.

Besides that, S&P increased its forecast for 2025 by 0.5% point, although the forecast for 2024 did not change.

S&P also reassessed risks in the bank sector in Azerbaijan. According to the agency, the growth level of the risks in this sector was reassessed with 9 points over a 10-point scale.

The agency has kept the risks of economic sustainability very high and the risks of economic imbalance high.