Monthly Review of the Caucasus Economy - March 2024

According to preliminary data, the economic growth in the Caucasus region was 4.4% in 2023, a decline from the 7.8% recorded in 2022. This shift can be attributed to two main factors: a decrease in the inflow of human and financial capital from Russia and a drop in oil prices compared to the previous year. In January of this year, the growth rate stood at 6.2%.

The inflation repeats the trends of economic growth in the Caucasus region. The best situation is in Armenia, and the worst indicator is in Azerbaijan.

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Gnomon Wise, Egnate Shamugia