Baku, Azerbaijan, June 8
By Anvar Mammadov - Trend:
The growth of Azerbaijan's GDP is projected at 1.3 percent in 2018, according to the June 2016 Global Economic Prospects report of the World Bank (WB) published June 8 on its website.
The WB expects Azerbaijan's GDP growth at 0.7 percent in 2017 in the updated report.
In 2016, Azerbaijan's economy will shrink by 1.9 percent, according to the bank's forecasts.
At the same time, economic growth in countries of the region of Europe and Central Asia (where the WB includes Azerbaijan) will amount to 1.2 percent in 2016, 2.5 percent in 2017 and 2.8 percent in 2018, according to the WB report.
In particular, Georgia's GDP growth in 2016 is projected at three percent (given 4.5 percent and five percent growth in 2017 and 2018, respectively), Kazakhstan - 0.1 percent, Kyrgyzstan - 3.4 percent, Tajikistan - four percent, Uzbekistan - 7.3 percent, Turkmenistan - five percent, Turkey - 3.5 percent and Ukraine - one percent.
GDP is expected to decline in Russia and Belarus by 1.2 percent and three percent, respectively.
Continuing low oil prices, a deeper than expected recession in Russia, political polarization in a number of countries, as well as the Syrian refugees issue are the key risk factors for the region, the WB said in the report.