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EBRD renews forecasts on macroeconomic prospects in Azerbaijan

Business Materials 29 October 2010 16:23 (UTC +04:00)

Azerbaijan, Baku, Oct. 29 / Trend /

The European Bank for Reconstruction and Development (EBRD) forecasts an average of four-percent GDP growth in 2010, the bank's updated report on the regional macro-economic prospects said.

In July, the bank predicted similar GDP growth for the current year. However, the forecast for 2011 was revised downward. According to the undated forecasts of the bank, GDP growth in 2011 will amount to 2,5 percent compared to the forecast of four-percent growth in July.

The International Monetary Fund (IMF) raised the forecast of real GDP growth for Azerbaijan in 2010 up to 4.3 percent compared to the previously forecasted 2.7 percent in the October report "Middle East and Central Asia: Regional Economic Outlook". The forecast of GDP growth for 2011 was increased from 0.6 percent to 1.8 percent and for 2015 - from 0,7 to 0,9 percent.

The Asian Development Bank predicts GDP growth for Azerbaijan in 2010 at 3.8 percent and 3,5 percent in 2011.

According to the Azerbaijani State Statistics Committee, GDP growth in 2009 was 9.3 percent.

The government expects growth at 5.8 percent in 2010, 3,8 percent in 2011.

EBRD expects a positive growth in 2010 in all countries of Eastern Europe and the Caucasus. The forecasts of economic growth are associated with an increase in external demand, commodity prices, as well as providing international support to the countries in the region (all countries in the region, excluding Azerbaijan, held talks with the IMF for financial support).

EBRD is a bank which assets are used to establish democracy and market economy in 30 countries of Central Europe and Central Asia. It is owned by 61 countries and two international organizations.

In total, EBRD invested 1.05 billion euros in implementing 114 projects in Azerbaijan.

A total of 5.6 billion euros were drawn for financing. EBRD's current portfolio now hits 663 million euros, 69 percent of which have already been spent. Moreover, about 283.4 million euros were repaid.

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