Monthly Review of the Caucasus Economy - June 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 three months of 2023 the Caucasus economic growth is 4.4%, where 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