Azerbaijan, Baku, Feb. 2 / Trend , N.Ismayilova /
Azerbaijan has entered a phase of global economic crisis in better shape than other countries, said Vice-President of the World Bank's Europe and Central Asia Shigeo Katsu at the press conference.
"We have reviewed the development of economy in Azerbaijan in the terms of global financial crisis," the vice president said.
Regardless of the economic growth rate will drop in Azerbaijan in 2009, but they are still much better than in other countries, Katsu said.
"The fall in oil prices allows developing the non-oil sector of the country, opening new jobs and improving the business climate in the country. This also helps to improve the system of regulation, competition and create the conditions for joining the post crisis period. The future of economic development associated with non-oil sectors," Katsu said.
Donna Douset-Koirolo, the WB Regional Director for South Caucasus said that in 2008 the GDP rate in Azerbaijan was high [10.8 percent].
Douset-Koirolo said that the 2009 economic growth rate will change under the influence of the global financial crisis, but the inflation rate will reduce.
The positive side of the country's banking sector in the terms of the global financial crisis is that it is strong enough.
"The deposit and loan policy, including banks' portfolios are also significant in the banking sector," Douset-Koirolo added.
The WB mission's visit to Baku was started on Jan. 30.The key target of the visit was to represent the new regional director for South Caucasus Asad Allami to the Azerbaijani Government.
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