Azerbaijan, Baku, Jan. 20/ Trend , N. Ismayilova/
Azerbaijan's inflation rate is expected to hit 20 percent in 2009 according to the WorldEconomic Situationand Prospects 2009 report by the UN DepartmentofEconomic and SocialAffairs.
Belarus is expected to see 10-percent inflation in 2009; Russia - 11.5 percent, Kazakhstan - 12 percent and Ukraine - 21.4 percent.
The growth rate of the total GDP will shrink from 2.5 percent in 2008 to 1 percent in 2009.
CIS countries will not experience a major drop in GDP.
The report's authors forecast a decrease in economic growth rates in the CIS in 2009 from 6.9 percent in 2008 to 4.8 percent in 2009. Azerbaijan will have the highest economic growth rate among CIS nations at 14 percent; Belarus - 8 percent, Russia - 4.8 percent, Kazakhstan - 4 percent and Ukraine - 2.1 percent.
The report said the key reasons for these tendencies are falling oil prices, poor investment climates and reduced demand. There factors are especially important the Russian, Ukrainian and Kazakh economies.
Other CIS countries will suffer from reduced remittances into the country by migrants and decreased foreign investment. Loan terms are also expected to worsen.
Have any feedback? Contact our journalist at: [email protected]