BAKU, Azerbaijan, June 29
By Zeyni Jafarov - Trend:
Azerbaijan’s GDP will grow by two percent in accordance with a new forecast of the European Bank for Reconstruction and Development (EBRD) for Azerbaijan, in 2021, Trend reports citing the June release of the EBRD’s Regional Economic Prospects report.
The economy is forecast to grow by 2 percent in 2021 and 2.5 percent in 2022.
The gradual recovery of Azerbaijan’s economy is being driven by sectors other than oil and gas, the report said.
After being hit by a triple shock—the Covid-19 pandemic, a slump in oil prices — Azerbaijan’s GDP declined by 4.3 percent in 2020.
The EBRD has been cooperating with Azerbaijan since 1992 and it is the country's leading investor. In general, so far, the bank has invested more than three billion euros in 177 projects in Azerbaijan.
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