ING forecasts Azerbaijan’s economy to grow by an average of 2.1% in 2025–2027

Dutch banking group ING expects Azerbaijan’s gross domestic product (GDP) to expand by an average of 2.1% per year between 2025 and 2027.

The bank projects growth of 1.6% in 2025, 2.8% in 2026, and 2% in 2027. Quarterly forecasts show growth of 2.5% in Q4 2025, rising to 4% in Q1 2026 and 3.5% in Q3.

Azerbaijan’s Ministry of Economy projects higher growth — 3%, 2.9% and 3.3% for 2025, 2026 and 2027 respectively.

Other institutions differ in their outlooks: S&P Global expects 2% annual growth, Fitch Ratings 3.5% and 2.5%, Moody’s 2.5% each year, while the IMF forecasts 3% and 2.5%. The EBRD projects 2% in 2025 and 2.5% in 2026, and the Asian Development Bank 2.4% and 2%.