BAKU, Azerbaijan, Oct. 9
By Fidan Babayeva - Trend:
Analysts of the Renaissance Capital investment company expect that the Azerbaijani economy will grow by 2.9 percent in 2021, Trend reports citing the investment company.
Renaissance Capital has increased its September forecast for Azerbaijan's GDP decline in 2020 by 3.5 percent.
The company's analysts said that Azerbaijan's economy is expected to recover in 2021, taking into account the projected recovery in tourism activity and robust performance in other sectors this year.
“We are increasing our forecast for GDP decline by 3.5 percent in 2020, followed by a 2.9 percent rebound next year,” the report said.
According to the forecasts of the Asian Development Bank (ADB) for 2021, Azerbaijan's GDP will grow by 1.2 percent.
The Azerbaijani Ministry of Finance forecasts Azerbaijan’s gross domestic product (GDP) for 2021 to be equal to 75.4 billion manat ($44.3 billion).
Earlier, Renaissance Capital predicted a decline in Azerbaijan's GDP for 2020 by 3.1 percent.
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