...

Azerbaijan to maintain its leading position for GDP growth rates in 2009: WB

Business Materials 8 January 2009 17:49 (UTC +04:00)

Azerbaijan, Baku, Jan. 8/ Trend , N. Ismayilova/ According to the World Bank (WB) forecast, growth rates of Azerbaijan's GDP will total 10.4 percent in 2009 and the country will maintain its leading position for GDP growth rate among the European and Central Asian countries, WB report 'Global Economic Prospects 2009' said.

Bank forecast 7.8 percent GDP growth for Azerbaijan in 2010 which is the highest indicator in the region. Azerbaijan's GDP growth rates totaled 17.7 percent in 2008.

WB forecasts reduction in global GDP growth to 0.9 percent. Developing-country GDP growth is projected to decline to 4.5 percent in 2009, which strongly differs from the figure registered in 2007 at 7.9 percent.

"Developing-country GDP growth is projected to decline to 4.5 percent in 2009, more than 3 percentage points below the average of the past five years. No region or country is likely to escape this growth recession," the report said.

Banks calls into question quick improvement in financial and growth conditions among the high-income countries and recovery of GDP to 6.1 percent.

Per capita GDP in developing countries over the period 2010-15 is expected to expand at a relatively rapid annual pace of 4.6 percent, much faster than the 2.1 percent pace of the 1990s.

"Improvements in macroeconomic policies (lower inflation, relaxation of trade restrictions, more flexible exchange rate regimes, and lower fiscal deficits) have combined with structural reforms (privatization and regulatory initiatives) to reduce uncertainty and generally improve incentives for investment," the report said.

Have any feedback? Contact our journalist at: [email protected] 

Latest

Latest