Baku, Azerbaijan, Apr. 6
By Azad Hasanli – Trend:
The Asian Development Bank (ADB) forecasts Azerbaijan’s GDP growth at 1.2 percent in 2018, according to an ADB report titled "Asian Development Outlook 2017: Transcending the Middle-Income Challenge".
GDP is projected to contract by 1.1 percent in 2017, said ADB, adding that however, it is forecast to turn up by 1.2 percent in 2018 with the onset of production from the Shah Deniz gas field and some recovery anticipated among private firms.
According to the report, gas condensate production within the Shah Deniz Stage 2 will help industry expand by 1 percent in 2018.
Meanwhile, ADB experts forecast Azerbaijan’s net exports to improve in 2017 and particularly in 2018.
Total exports are projected to grow by 22.6 percent in 2017 with the projected improvement in oil prices and expand by a further 15 percent in 2018 as the Shah Deniz gas field starts producing.
Imports are expected to contract by 6.2 percent in 2017, then expand by 12.5 percent in 2018, says the ADB forecast.
According to ADB, which lists Azerbaijan as a Central Asian country in its report, the growth in Central Asia is projected to accelerate to 3.1 percent in 2017 and 3.5 percent in 2018.
ADB, based in Manila, was established in 1966 and is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration.
Azerbaijan became an ADB member on Dec. 22, 1999.