UN: Shah Deniz Stage 2 project to support Azerbaijan’s economic growth
Baku, Azerbaijan, May 22
By Azad Hasanli - Trend:
Azerbaijan’s GDP growth may reach 1.8 percent in 2018, according to the UN World Economic Situation and Prospects 2018 report.
Economic growth in Azerbaijan is projected at 2.3 percent in 2019, according to the report.
The start of production as part of the second stage of the Shah Deniz gas condensate field’s development will support the economy’s recovery in 2018-2019.
In general, the economy of the CIS region and Georgia may grow 5.2 percent this year, and 4.7 percent in 2019.
Since the end of 2017, Azerbaijan’s economy has started to restore growth rates after the recent difficult two or three years. In the first quarter of this year, Azerbaijan’s GDP grew 2.3 percent.
The UN forecasts on Azerbaijan’s economy for 2018 roughly coincide with the forecasts of international financial institutions. Thus, this year the World Bank also expects the Azerbaijani economy to grow 1.8 percent, and the International Monetary Fund expects a 1.3 percent growth. Forecasts of international financial institutions for 2019 are more optimistic and a 3.8-3.9 percent GDP growth is expected in Azerbaijan according to them.
Follow the author on Twitter: @AzadHasanli