The ADB projected the gross domestic product (GDP) growth in Central Asia and South Caucasus at 3.6 percent in 2022 and 4.0 percent next year.

Growth is expected to decelerate to 1.7 percent in 2022, a downward revision of 2.5 percentage points relative to the forecast made in November 2021.

The growth forecast for the region was increased to 4.7 percent in 2021 from a previous projection of 4.1 percent in September.

Azerbaijan’s net government asset position has remained above 40% of GDP since 2015, Kazakhstan’s net asset position is trending toward balance.

S&P said that several risks to the recovery remained relevant, including if pandemic consequences linger, persistent inflation and higher interest rates, a change in current commodity price trends, and geopolitical tensions.

EBRD revised up its outlook for the economies of the South Caucasus and Central Asia in 2021, predicting that growth would be stronger than it initially expected, though called the recovery "bittersweet".

The World Bank revised up its outlook for the economies of the South Caucasus and Central Asia in 2021, predicting that growth would be stronger than it initially expected, and forecast further acceleration next year.

The growth forecast for the region was increased to 4.1 percent in 2021 from a previous projection of 3.6 percent in July and 3.4 percent in April.

ADB said that challenges caused by the COVID-19 pandemic "underlined the need for economic diversification."

The bank said that the new forecast would also reflect an improved outlook for Armenia and Georgia.