The International Monetary Fund (IMF) has updated the economic growth forecast for the Middle East and Central Asia region, where Azerbaijan is located.

"APA-Economics" informs that this was stated in the updated January issue of the International Monetary Fund's "Prospects of World Economy Development" report.

According to the forecast, economic growth in the region will decrease from 5.3% in 2022 to 3.2% this year.

This forecast is 0.4% less than the forecast announced by the International Monetary Fund in October last year.

This is due to the decrease of economic growth in Saudi Arabia from 8.7% in 2022 to 2.6% in 2023.

The downgrade for 2023 is mainly due to the reduction of Saudi Arabia's oil production in accordance with the agreement reached through OPEC+, while growth in the country's non-oil sector is expected to continue.

The International Monetary Fund has predicted economic growth in the Middle East and Central Asia of 3.7% for 2024, which is 0.2% higher than the previous forecast.