Armenia
- New mining capacities and a dynamic ICT sector ensure favorable growth prospect
- Inflation will recover in the coming months due to overheated domestic demand and the weakening currency
- Fading benefits of re-exports to Russia will weaken external balance and increase pressure on dram
Azerbaijan
- Fading tailwinds from expanding public expenditures and rising credit will slow down growth notably
- The underlying price pressures are weak, we expect inflation to remain low
- The de-facto peg will remain in place, supported by large forex buffers
Uzbekistan
- The long-term country outlook is optimistic due to strong foreign investment and gradual economic transformation
- Inflation will be elevated until mid-2026, driven by utility price adjustment
- The CBU will keep weakening the currency to avoid pressures and support export revenue
Read the forecasts in details on our Macro Portal.
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Forecast updates in February:
- Angola
- Madagascar
- Papua New Guinea
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