World Bank forecasts GDP growth in Azerbaijan in 2021
By Ayya Lmahamad
World Bank forecasts a 2.2 percent growth in Azerbaijan’s GDP for 2021, the bank reported in its June review.
According to the report, in 2021 economic activity in Azerbaijan will stabilize as oil prices in the world markets recover.
As for 2020, the bank estimates that the coronavirus pandemic and quarantine measures introduced to curb it will lead to 2.6 percent decline in Azerbaijan’s GDP in 2020.
Earlier, in April, the World Bank predicted a 0.2 percent decline in Azerbaijan’s GDP for 2020, in connection with coronavirus pandemic.
The bank estimates that in 2020 Azerbaijan's GDP will be affected by OPEC+ oil production decline.
Earlier the bank predicted growth of the world economy by 2.5 percent this year, but on the background of coronavirus pandemic in June the forecast was worsened immediately.
"The COVID-19 pandemic was a powerful shock to the world community and led to a sharp downturn in the economies of many countries. According to the baseline forecast, global GDP is expected to decline by 5.2 percent in 2020 - the deepest recession in decades. Most emerging and developing countries will see a significant decline in per capita income this year," the report says.
The Azerbaijani government forecasted a 3 percent GDP growth for 2020. For now, the government has not yet published a new forecast of GDP growth taking into account the coronavirus pandemic.
Azerbaijan's GDP growth in 2019 was 2.2 percent.
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