BAKU, Azerbaijan, Nov. 16
By Fidan Babayeva - Trend:
The baseline scenario for 2020 assumed the recovery of economic activity in Azerbaijan towards the end of the third quarter of 2020, subject to the lifting of restrictive measures, Trend reports citing Russian Gazprombank’s report.
“The decline in Azerbaijan's GDP in 2020 will be limited in the range of 2.9 - 3.2 percent. This indicator will be influenced by the oil price in the fourth quarter of 2020. Also, in 2021, economic growth may recover to 3.8 percent with an average oil price of $55 per barrel and up to 1.5 percent at $45 per barrel,” said the report.
According to the bank's report, Baku accounts for 89 percent in the business activity index of the CIS countries’ capitals, which is ranking after Moscow, whose business activity index is 92 percent.
The decline in Azerbaijan's GDP in early 2020 was due to weak oil prices and domestic restrictive measures. Over the first half of 2020, Azerbaijan's GDP decreased by 2.7 percent, while over the same period of last year, the Azerbaijani economy grew by 2.4 percent.