The Asian Development Bank improved the forecast of Azerbaijan's GDP growth in 2014, according to Asian Development Outlook updated report on April 1.

The bank expects that the country's GDP growth will be five percent in 2014 compared to 4.8 percent stated in the previous forecast.

The bank's analysts raised the forecast for the development of the Central Asian region, which includes Azerbaijan, from six to 6.5 percent in 2014.

ADB also improved the outlook for inflation in Azerbaijan in 2014 from seven percent in the previous report to four percent in this report. The country's inflation rate is expected to hit 3.5 percent in 2015, according to the bank's estimations.

ADB was established in 1966 and has 67 members. The bank's headquarters is located in the capital of the Philippines, Manila. Azerbaijan joined ADB on December 22, 1999. The country's share in the bank's capital is 0.5 percent.

ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent) and so on.