World Bank predicts growth of Azerbaijan's economy in 2021-22
BAKU, Azerbaijan, Jan.6
By Zeyni Jafarov – Trend:
Azerbaijan's GDP growth is projected to be at 1.9 percent in 2021, despite its decrease to 5 percent in the past 2020 due to the COVID-19 pandemic, the report of the World Bank (WB) said, Trend reports on Jan.6.
In 2022, Azerbaijan's economic growth will rapidly accelerate and reach the level of 4.5 percent.
According to the WB report, activity is expected to expand in Azerbaijan over the forecast horizon as oil prices stabilize and the economy benefits from investment and reconstruction spending for Azerbaijani territories liberated from Armenian occupation (as a result of 44-day war from late Sept. through early Nov.9, 2020).
In general, growth in the South Caucasus is projected to rise to 2.5 percent in 2021, as the shocks related to the pandemic and conflict dissipate, and as tourism recovers alongside improving consumer and business confidence, added the WB report.
The World Bank expects that the global economy expand 4 percent in 2021, assuming an initial COVID-19 rollout becomes widespread throughout the year.