ADB sees non-oil sector as Azerbaijan’s major driver of growth in 2013
The Asian Development Bank forecasts that Azerbaijan's non-oil sector will be the major driver of growth in 2013 and the next few years.
In its 'Asian Development Outlook 2013: Asia's Energy Challenge' report, the bank said that growth is forecast to accelerate to 3.1% in 2013 and climb further to 4.8% in 2014, mainly because of public spending outside the oil sector and, in 2014, some increase in oil production.
"Energy output will grow little through 2015 but is expected to expand more once gas field development is completed and the exploration of new oil fields proves successful, most likely after 2015. Planned public spending will boost public investment, while ongoing energy projects will increase foreign direct investment. New regulations on capital adequacy may allow increased lending to boost private investment," the report says.
Read more about it in AZERNEWS online newspaper's print edition published on June 5.
Also, in the new edition you can read articles about Azerbaijani President Ilham Aliyev and First Lady Mehriban Aliyeva`s attendance at the Caspian oil and gas show in Baku, First Lady Mehriban Aliyeva`s joining the opening of the Azerbaijani pavilion at Venice Biennale, Azerbaijani gymnasts' winning silver medals at the Rhythmic Gymnastics European Championships held in Vienna, Baku's hosting FIA GT Series season finale in October, etc.
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The online newspaper is available at www.azernews.az.