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EBRD ups Azerbaijan's GDP growth forecast for 2012

Business Materials 18 October 2011 18:44
The European Bank for Reconstruction and Development (EBRD) revised the forecast of GDP growth in Azerbaijan in 2012 upwards, the bank's October report on the prospects for growth in operations in the region, published on the organization's website said on Tuesday.
EBRD ups Azerbaijan's GDP growth forecast for 2012

Azerbaijan, Baku, Oct. 18 / Trend N. Ismayilova /

The European Bank for Reconstruction and Development (EBRD) revised the forecast of GDP growth in Azerbaijan in 2012 upwards, the bank's October report on the prospects for growth in operations in the region, published on the organization's website said on Tuesday.

According to the information, GDP growth is expected to hit 0.5 percent in 2011, 4 percent in 2012 (previous forecast was 3 percent).

According to the bank's forecasts, the inflation hit 8.5 percent as of late 2011 compared to the previously predicted 9.1 percent.

The diversification of the country's economy is still important because the risks associated with high economic dependence on oil, have become apparent during the global crisis, when oil prices fell, the bank's report said.

The EBRD experts predict that all 29 countries of the region will face the growth to the amount of 4.5 percent in 2011 amid the ongoing process of the countries' overcoming the global economic crisis compared to the previously predicted 4.8 percent. The growth forecast for 2012 was reduced from 4.4 percent to 3.2 percent.

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