BAKU, Azerbaijan, May 10. Azerbaijan is the only country among Eastern Europe and the Caucasus countries to benefit from current developments in the energy sector, Trend reports via Regional Economic Prospects from the European Bank for Reconstruction and Development (EBRD).
According to the Bank, “due to its status as a major hydrocarbons exporter, and one of the potential alternative (to Russia) gas suppliers of Europe”, Azerbaijan will take advantage of high prices on energy resources.
Meanwhile, EBRD expects Azerbaijan’s GDP growth in 2022 at 4.5 percent. The forecast improved, compared to March 2022 report when the Bank predicted Azerbaijan’s GDP growth at 0.5 percent contraction.
As EBRD noted, Azerbaijan’s economic growth will be further supported by rising energy prices in 2022.
Follow the author on Twitter: @mariiiakhm