UN forecasts Azerbaijan's economic growth for next two years

Finance Materials 4 February 2021 13:34 (UTC +04:00)
UN forecasts Azerbaijan's economic growth for next two years

BAKU, Azerbaijan, Feb.4

By Zeyni Jafarov - Trend:

The United Nations Organization (UN) has predicted the growth of Azerbaijan's economy for 2021-2022 at the level of 2 percent per year, Trend reports referring to the published UN report ‘World Economic Situation and Prospects’.

According to the report, the economic decline of Azerbaijan in 2020 made up nearly 3.9 percent due to the impact of the COVID-19 pandemic on most economic sectors. The reduction in oil production under the OPEC + agreement also led to a decrease in industrial production in Azerbaijan.

Besides, inflation in Azerbaijan in 2021 will be 3.2 percent, while 2020 ended with an indicator of 3.1 percent. For 2022, the UN predicted that inflation in the country will accelerate to 3.5 percent.

The Minister of Economy of Azerbaijan Mikayil Jabbarov previously noted that Azerbaijan's task is to double the country's GDP by 2030 in accordance with the new 10-year development plan, which requires an average annual economic growth rate of 7 percent.


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