Azerbaijan, Baku, 19 February / Trend corr I. Khalilova / Azerbaijan has the highest economic development rate amongst Central European, Eastern European and CIS countries. According to the updated report of the European Bank for Reconstruction and Development (EBRD) regarding the reforms and economic development in the transitional period, the economic growth rate in Azerbaijan achieved 30% in 2007 and is expected to remain stable in 2008 (some 25%).
However, despite the expected decrease of inflation growth rate in the region, the consumer price index will rapidly increase in Azerbaijan from 8.3% (2006) to 16% (2008). Last year inflation comprised 16.7%.
The report reflects how the processes on-going in the financial markets affects the economic development in the region.