Baku, Azerbaijan, Oct. 19
By Azad Hasanli – Trend:
The World Bank (WB) forecasts Azerbaijan's economy to grow by 0.9 percent in 2018, the WB said in its October 2017 Migration and Mobility, Europe and Central Asia Economic Update.
The WB analysts expect that the Azerbaijani economy will shrink by 1.4 percent in 2017. The Bank forecasts a GDP growth of 1.5 percent in the country in 2019.
“The economy would expand from 2018 onwards, supported by the acceleration of oil GDP as the Shah Deniz gas field - one of the largest gas fields in the world - begins production [within the second stage of development],” the WB said.
The Bank's analysts note that one of the challenges for the Azerbaijani government is to safeguard macroeconomic stability.
“This includes ensuring the banking sector stabilization and resumption of credit growth to support private sector development. Going forward, another challenge is to improve business environment and government transparency to enable the further diversification of the non-oil economy.”
Azerbaijan joined the World Bank Group in 1992.