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WB: GDP growth in Azerbaijan will exceed 2 percent in 2010

Business Materials 12 June 2010 13:53

Azerbaijan, Baku, June 12 / Trend N.Ismayilova /

Real GDP growth in Azerbaijan will be 2.3 percent in 2010, World Bank's (WB)"Global Economic Prospects - 2010" report says.

Based on the report, the GDP growth will amount to 1 percent in 2011 and 2.5 percent in 2012. According to WB forecasts, Azerbaijan's current payments balance will be 27.4 percent of GDP in 2010, 22.1 percent in 2011 and 20.4 percent in 2012.

Pace of economic growth is projected at 4.1 percent in Europe and Central Asia in 2010, which is by 3.0 percent lower than the regional average over the five years preceding the crisis. This rise is observed due to strong growth in the two largest economies systems in the region (Russia and Turkey), to which three quarters of the regional GDP fells. Growth will be relatively low and will remain negative in most other countries in the region due to the ongoing process of adjustment through which some countries had to pass because of large deficits in current accounts before the crisis. The growing instability in connection with sovereign debt crises in some European countries with high income (Greece, Ireland, Italy, Portugal and Spain) has become another factor impeding the economic growth in the region.

Based on WB forecast, the global GDP that fell to 2.1 percent in 2009, should rise by 2.9 - 3.3 percent in the period from 2010 to 2011 and then further by 3.2 - 3.5 percent in 2012. The annual rate of economic growth in developing countries is expected to range from 5.7 to 6.2 percent in 2010- 2012. Regarding the economic growth in countries with high income, they are projected to amount to 2.1and 2.3 percent in 2010, which is not enough to compensate for the 3.3- percent reduction in 2009. Then, economic growth range from 1.9 to 2.4 percent in 2011.

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