BAKU, Azerbaijan, Oct. 3
By Fidan Babyeva - Trend:
The European Bank for Reconstruction and Development (EBRD) expects that Azerbaijan's GDP will grow by 2.5 percent in 2021, Trend reports citing the bank's report.
According to the data, in May, the EBRD expected Azerbaijan's GDP growth in 2021 to be three percent.
"Azerbaijan will return to the level of GDP per capita recorded in 2019, no earlier than 2025," the report said.
"The sharp drop in oil prices caused by the COVID-19 pandemic is affecting the economy of the region, in particular Azerbaijan," the EBRD said.
"According to preliminary estimates, the volume of production in Azerbaijan in 2019 increased slightly - by 2.2 percent, which is due to the growth of the non-oil and gas sector by 3.6 percent. The agriculture and services sector also showed dynamic growth. Low inflation (below 3 percent) allowed Azerbaijani Central Bank to decrease the refinancing rate to 7.25 percent at the end of January 2020," the report said.
Azerbaijan has been closely cooperating with the EBRD since 1992, and this cooperation is characterized by useful activities in the field of active support for reforms in the country's economic development.