Azernews.Az

By Sara Israfilbayova

The World Bank (WB) expects significant growth of the Azerbaijani economy in the next three years.

The bank’s Europe and Central Asia (ECA) Economic Update says that Azerbaijan’s GDP will grow by 1.8 percent in 2018, 3.8 percent in 2019 and 3.2 percent in 2020.

“The growth is expected to accelerate in the medium term, driven by an expansion of natural gas production, as the main pipeline (Trans-Anatolian Natural Gas Pipeline, TANAP) that will deliver gas to Europe from the Shah-Deniz II field will be operational by end-2018,” reads the report.

The WB analysts expect that the oil production volume in Azerbaijan will not be greatly reduced amid the extension of the OPEC + deal until the end of 2018. In addition, the WB expects an increase in oil prices this year and stabilization at a sustainable level in the medium term.

The bank also expects an increase in Azerbaijan’s non-oil GDP in 2018, which is supported by an increase in public investment by 83 percent.

Azerbaijan joined the World Bank Group in 1992. Since then, commitments to the country totaled over $3.78 billion for 50 projects.

Founded in 1944, the WB has 189 member countries, staff from more 170 countries, and offices in over 130 locations.

Today the Bank Group’s work touches nearly every sector that is important to fighting poverty, supporting economic growth, and ensuring sustainable gains in the quality of people’s lives in developing countries.

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Sara Israfilbayova is AzerNews’ staff journalist, follow her on Twitter: @Sara_999Is

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