Monthly Review of the Caucasus Economy - July 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 five months of 2023, the Caucasus economic growth is 4.8%, 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 and Armenia, the policy has begun to ease.


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Gnomon Wise, Egnate Shamugia