WB improves forecast on Azerbaijan’s economic growth
Baku, Azerbaijan, Jan. 10
By Azad Hasanli – Trend:
The World Bank (WB) forecasts the growth of the Azerbaijani economy at the level of 0.9 percent in 2018, according to the updated Global Economic Prospects report.
In its previous report published in June 2017, the bank forecasted that Azerbaijan’s GDP will grow by 0.3 percent in 2018, and by 0.2 percent – in 2019.
WB experts expect that the GDP growth of Azerbaijan will be 1.5 percent in 2019 and 2.6 percent – in 2020.
It is noted that the non-oil sector is recovering in Azerbaijan and investments are growing.
The World Bank also improved the forecast on the growth of the world economy from 2.9 to 3.1 percent in 2018.
In 2019, the growth is expected at the level of three percent (previously, the growth was projected to stand at 2.9 percent).
WB analysts think that the increase in investments, industrial production and trade will contribute to the growth.
The bank expects the growth of the world economy to stand at three percent in 2017.
The economy of developed countries is expected to grow by 2.2 percent in 2018 (earlier, the forecast was 1.8 percent) and by 1.9 percent – in 2019 (earlier, 0.9 percent).
The GDP growth forecast for developing countries is expected to stand at 4.5 percent in 2018, and 4.7 percent – in 2019 and 2020.