Monthly Review of the Caucasus Economy - May 2023

In the South Caucasus, the economic growths and inflations were high in 2022. However, both macroeconomic indicators have decreased this year. As of the first two months of 2023, the Caucasus economic growth is 4.5%, whereas Armenia is outstanding. In the latter, the growth rate remains at double-digit. Instead, inflation in Azerbaijan remains double-digit, while in Georgia and Armenia, it has decreased remarkably. Under these circumstances, the National Bank of the Republic of Azerbaijan (NBA) has narrowed the monetary policy, while in Georgia, the policy has begun to ease. In Armenia, the refinance rate has remained unchanged.


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Gnomon Wise, Egnate Shamugia