WB updates forecasts on economic indicators in Azerbaijan for 2011-2012
Azerbaijan, Baku, Feb.1 / Trend N. Ismayilova /
GDP growth in Azerbaijan in 2011 is forecasted at 3.5 percent, in 2012 - 4.2 percent, the World Bank (WB) report "Global Economic Prospects for 2011" says. In the previous report published in August last year, expectations were at 1 percent and 2.5 percent respectively.
According to the World Bank forecasts, the country's current account surplus will amount to 24.4 percent of GDP in 2011 and 24 per cent - in 2012. In the previous report, these forecasts were at the level of 22.1 percent and 20.4 percent respectively.
GDP growth in Europe and Central Asia is projected to slow to 4.0 percent in 2011 from 4.7 percent in 2010, before firming to 4.2 percent in 2012.
"Growth rates will remain well-below the boom-period average of 7.4 percent recorded during 2003-07, and will not be strong enough to make a significant impact on regional unemployment," WB report says.
Reflecting strengthening domestic demand, imports are expected to grow more quickly than exports and the regional current account is projected to incrementally shift into deficit of 1.4 percent of GDP in 2012 from a slight surplus of 0.8 percent in 2010 and slight deficit of 0.3 percent in 2011.
In the CIS countries, according to the World Bank's forecasts, GDP growth will hit 4.3 percent and 4.2 percent in 2011 and 2012 respectively.
According to the forecasts of the International Monetary Fund (IMF), GDP growth rates in CIS countries in 2011 amounted to 4.7 percent, in 2012 - 4.6 percent.