BAKU, Azerbaijan, Oct. 7
By Zeyni Jafarov - Trend:
The World Bank (WB) forecasts the ratio of Azerbaijan's external debt to GDP to be 19.6 percent in 2020, which is 0.7 percentage points more compared to the forecast for 2019, Trend reports citing an updated WB’s report on Europe and Central Asia.
“This figure is expected to reach 20 percent in 2021 and 20.6 percent in 2022. Along with this, the World Bank predicts a decrease in Azerbaijan's economy by 4.2 percent this year, by 1.9 percent in 2021 and by 2.8 percent in 2022,” said the report.
“The Azerbaijani Ministry of Economy forecasts a decline in GDP at the level of 2.9-4.3 percent by the end of 2020, depending on oil prices on global markets. In 2021, Azerbaijan’s GDP growth is projected at 3.4 percent,” the report noted.
As of early January 2020, external debt of Azerbaijan was over $9 billion or 18.9 percent of the GDP.
Azerbaijan has been cooperating with the World Bank since 1992.
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