Baku, Azerbaijan, Sept. 19
By Azad Hasanli - Trend:
Azerbaijan's GDP growth rates in 2013 are projected at 3 percent, the European Bank for Reconstruction and Development's report "Regional economic prospects in the countries with the EBRD operations" said Sept. 18.
The forecast for economic growth in the country in 2014 was 3.5 percent, EBRD May report says.
"The slowdown in the economy growth rates was caused by the temporary decline in oil production in the country," the report says. "This decreased the GDP forecast to 3 percent in 2014-2015.".
The Ukrainian-Russian crisis is one of the reasons for the GDP growth rate decline in several countries of Eastern Europe and the Caucasus.
GDP growth is not expected in Russia in 2014. It will be at the level of negative 0.2 percent in 2015. Negative GDP growth in 2014 and 2015 also threatens Ukraine at the level of -9 percent and -3 percent, respectively. The economic growth rates will be small - 0.7 percent and 0.5 percent respectively in Belarus, according to the bank's forecasts.
GDP growth in Croatia is expected to reach -0.5 percent and 0.5 percent in 2014 and 2015, 1 percent and 2.5 percent - in Estonia, 2.8 percent and 2.2 percent - in Hungary, 2.3 percent and 3 percent - in Slovakia, 0.7 percent and 1 percent - in Slovenia, 2.6 percent and 2.8 percent - in Romania.
Real GDP growth is expected to reach 5.2 percent in 2014. GDP is projected at 59.4 billion manat (a 5.8 percent growth) in 2015, according to the socio-economic development concept of Azerbaijan, prepared by the Ministry of Economy and Industry.
The country's economy will grow by 5.2 percent in 2014, while by 4.1 percent in 2015, according to WB forecasts.
The IMF also predicts a decline in the national economy growth rates from 5 percent as of 2014 to 4.6 percent in late 2015.
The official exchange rate is 0.7844 AZN/USD on Sept. 19.