WB forecasts Azerbaijan's average annual GDP growth rate for 2020

9 January 2020 14:45 (UTC+04:00)

1 549

By Rasana Gasimova

The World Bank (WB) forecasts GDP growth rate of Azerbaijan at the level of 2.3 percent in 2020.

According to the report titled “Global Economic Prospects: Slow growth, policy challenges” published on the bank’s website, Azerbaijan’s GDP growth in 2021 will amount to 2.1 percent.

The World Bank confirmed its forecasts on the economic growth rates of Azerbaijan for 2020-2021 made in October 2019.

According to WB forecasts for 2022, Azerbaijan’s GDP growth will reach about 2.2 percent. According to WB estimates, the country's GDP growth in 2019 will be 2.5 percent.

“The long-term growth of the Azerbaijani economy depends on continuing reforms to accelerate the development of the private sector and eliminate vulnerabilities in the financial sector. In addition, investment in human capital, improving the quality of education will have a positive effect on the pace of economic growth”, the report states.

Following the results of 2019, the Azerbaijani government expects GDP growth at the level of 2.3 percent.

Azerbaijan expects its GDP to grow by 3 percent in 2020, by 3.7 percent in 2021, 3.1 percent for 2022. In 2018, GDP growth in Azerbaijan amounted to 1.4 percent.

As for the other forecasts on Azerbaijan’s economy, EBRD expects that Azerbaijan's GDP will grow by 3.5 percent in 2019 and by 3.3 percent in 2020. In addition, ADB expects that the economy of Azerbaijan will grow by 2.5 percent in 2019 and by 2.7 percent in 2020.

Meanwhile, according to the forecasts of the Fitch agency, the economy of Azerbaijan will grow by 3.5 percent in 2019. At the same time, the international rating agency Standard & Poor's (S&P) expects the Azerbaijani economy to grow by 2.3 percent in 2019.

Also, The International Monetary Fund (IMF) forecasts that Azerbaijan’s GDP growth will reach 2.5 percent in 2020-2024.

---