BAKU, Azerbaijan, Oct. 7
By Zeyni Jafarov - Trend:
The World Bank (WB) forecasts the Azerbaijani economy to be dropped by 4.2 percent amid the COVID-19 pandemic and lower oil prices, Trend reports citing an updated WB’s report on Europe and Central Asia.
“The given forecast is 1.6 percentage points more compared to the forecast presented in June 2020, and the economy will gradually recover over the next two years. A return to the pre-pandemic level is expected only by the end of 2022,” said WB’s report.
According to the report, the country's GDP in 2021 will grow by 1.9 percent, which is 0.3 percentage points less compared to last year's forecast.
In the worst case, the growth of the Azerbaijani economy next year may be weaker, that is, at the level of 1.1 percent.
Azerbaijan has been cooperating with the World Bank since 1992.
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