Unexpected short-term factors, including higher net remittance flows from Russia and higher than expected tourism receipts, have improved economic growth across the South Caucasus.

The main factor affecting economic growth in Azerbaijan is the current increase in energy prices.

Mark Bowman, vice president for policy and partnership of the European Bank for Reconstruction and Development (EBRD), said this in an interview to "APA-Economics".

He said that energy prices and demand for Azerbaijani gas will remain high this year.

This will support the general economic indicators of Azerbaijan during 2023.

However, Mark Bowman believes that this window of opportunity should be used to ensure the country's medium and long-term sustainability and increase local manufacturing that will benefit from more reliable supply chains and logistics solutions.