Azerbaijan, Baku, Apr. 14 / Trend A.Badalova /
The Asian Development Bank (ADB) expects GDP growth in Azerbaijan at 9.5 percent in 2010 and 9.7 percent in 2011.
According to the Asian Development Outlook 2010, despite low world prices, high activity in the petroleum sector helped the country to maintain lively economic growth in 2009. In 2010, the ADB expects continued high growth on the backdrop of rising oil prices and increased public investment.
"High oil revenues will increase transfers of the State Oil Fund of Azerbaijan Republic (SOFAZ) to the 2010 state budget, which would also provide an opportunity to increase public investments that will support growth at a high level," the report said.
Based on the report, the country's communications and transport sector will also contribute to economic growth.
The bank forecast Azerbaijan's inflation at 5.8 percent in 2010 and 6 percent in 2011.
In 2010- 2011, Azerbaijan will experience a surplus of payments balance at 23 percent of the GDP, or $14.8 billion and $21.7 percent ($16.2 billion), respectively, the bank reported.
The ADB is an international development financial institution whose mission is to help its developing member countries reduce poverty and improve the quality of life of the public.
Headquartered in Manila, and established in 1966, the ADB is owned and financed by its 67 members, of which 48 are from the region and 19 are from other parts of the globe.
Azerbaijan was admitted to the ADB Dec. 22, 1999.
Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent) are the leading ADB shareholders.
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