Azernews.Az

Azerbaijan will achieve double-digit economic growth within the next decade, according to the country’s central bank.

"We see no mid-term macroeconomic risk for the Azerbaijani economy. According to our estimates, over the next 10 years the domestic economy will hit double-digit growth -- amounting to 10-12 percent," the bank’s chairman, Elman Rustamov, said Wednesday.

Rustamov said during the discussions on the 2012 draft state budget in parliament that to achieve this level of growth a hike in investments is required. "To do this, we need to attract foreign investments," he said.

The Azerbaijani government says the country’s GDP is expected to increase 0.9 pct in 2011 and 5.7 pct in 2012.

The World Bank predicts Azerbaijan’s economic growth at 4.2 pct in 2011 and 4.1 pct in 2012, while the European Bank for Reconstruction and Development (EBRD) – at 3 pct both in 2011 and 2012, and the International Monetary Fund (IMF) – at 2.8 pct and 2.5 pct respectively. Asian Development Bank (ADB) predicts that the Azerbaijani economy will grow 5.8 pct in 2011 and 2012.