Azerbaijan remains leader for CIS growth
Azerbaijan continues to have the greatest economic
growth among members of the Commonwealth of Independent States
(CIS). The country`s gross domestic product grew at 10.8% in 2008,
according to the CIS Statistics Committee.
The oil-rich South Caucasus republic is followed by Belarus with 10%, Tajikistan with 8%, Kyrgyzstan with 7.6%, Armenia with 6.8%, and Russia with 5.6%. The most modest growth was reported in Ukraine - 2.1%.
Overall economic growth in the Commonwealth was 5% in 2008, or a 3.5% decrease from 2007. Experts link the slowdown to the global financial crisis. According to estimates, Azerbaijan was the least prone economy to feel the impact of the downturn. This conclusion appears to be proven by investments channeled into the national economy. Investments in the country increased 34% in 2008, the highest indicator among the former Soviet republics.
The Azerbaijani economy will grow 8% this year, the EBRD predicts.
The oil-rich South Caucasus republic is followed by Belarus with 10%, Tajikistan with 8%, Kyrgyzstan with 7.6%, Armenia with 6.8%, and Russia with 5.6%. The most modest growth was reported in Ukraine - 2.1%.
Overall economic growth in the Commonwealth was 5% in 2008, or a 3.5% decrease from 2007. Experts link the slowdown to the global financial crisis. According to estimates, Azerbaijan was the least prone economy to feel the impact of the downturn. This conclusion appears to be proven by investments channeled into the national economy. Investments in the country increased 34% in 2008, the highest indicator among the former Soviet republics.
The Azerbaijani economy will grow 8% this year, the EBRD predicts.
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