Baku, Azerbaijan, Sept. 25
By Eldar Janashvili - Trend:
The Asian Development Bank (ADB) expects Azerbaijan’s economy to grow by 2.6 percent in 2019, according to the ADB report, Trend reports.
The bank has changed its forecasts for GDP growth in Asia, reducing growth by 0.3 points in 2019 and 0.1 points in 2020 due to the global slowdown in the global economy and, in particular, the economies of China and India, the regional leaders.
Despite this, in the Central Asian region, the projected GDP growth was increased by 0.2 points in 2019 and by 0.1 points in 2020. The report emphasizes the significant role of the economic activities of Azerbaijan, Kazakhstan and Uzbekistan in increasing projected growth.
As for Azerbaijan, the projected GDP growth of the country in 2019 rose by 0.1 points, up to 2.6 percent. According to the report, this positive change is related to the start of full-scale operation of the Shah Deniz field as part of the second phase, which contributes to the record gas production in the country and partly compensates for the decline in oil production.
In 2020, in accordance with the expected stabilization of gas production, the projected GDP growth will decrease by 0.3 points, to 2.4 percent.
In 2018, GDP growth in Azerbaijan amounted to 1.4 percent.