BAKU, Azerbaijan, Dec. 11
By Sadraddin Aghjayev - Trend:
The World Bank (WB), in its updated report on Europe and Central Asia, has raised the forecast for Azerbaijan's GDP growth rate by one percent compared to the October report, the bank told Trend.
According to the information, the WB predicts Azerbaijan's GDP growth in 2021 at the level of six percent, compared with a decrease in this indicator by 4.3 percent in 2020.
In addition, GDP growth is projected at 3.5 percent in 2022. Thus, the WB increased the forecast for the growth rate of Azerbaijan's GDP for next year by 0.4 percent.
"After a downturn last year, Azerbaijan’s economy grew sharply in 2021, with a recovery in the oil and gas sector coupled with an increase in hydrocarbon production and prices to 4.9 percent in October. While the course of events surrounding the COVID-19 pandemic remains uncertain, sustained vaccination progress and significant financial buffers are expected to help Azerbaijan's economy reach pre-pandemic levels by the end of 2021,” the bank said.
"GDP growth is projected to reach six percent this year as a result of a robust recovery in both the energy and non-energy sectors. The pandemic will remain under control, and the rate of vaccination will remain at the current level," the WB noted.
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