ADB Adjusted Economic Growth Forecast for Azerbaijan

ADB Adjusted Economic Growth Forecast for Azerbaijan

Asian Development Bank (ADB) adjusted its GDP growth forecast for Azerbaijan from 5,8 % to 4,1 %. The information has been contained in the new report of the Asian Development Bank ‘Asian progress review 2012’ presented in Baku on 24 April. According to the bank’s forecast, the indicator will drop to 3.5% in 2013.

“The GDP growth in 2012 will be connected with the growth in oil production (after prophylactics of the platforms in Azeri-Chirag-Guneshli fields) and gas, further development of the nonoil sector of the country, in particular, such spheres, as transport, communication, wholesale and retail trade, as well as the development of railway and sea oil transportations.

The current road projects will stimulate the development of transport sector, while agricultural projects and subsidies for seeds must promote increased volume of agricultural production. These measures will also encourage farmers to produce highly effective crops”, the review says.

Sources in the bank also note that the development of the services sector will be ensured through the growth in such spheres, as trade and tourism, while the development of construction sector through implementation of infrastructural projects.

The review contains comprehensive analysis of macroeconomic issues in 45 developing countries of Asia and Pacific region, including growth in countries and regions.

Reminded that Goverment of Azerbaijan forecast 5,7 % GDP growth since IMF forecast is 7,1 %,  World Bank forecast is 6,1 %,  EBRD forecast 3,0 %. CESD forecasts 3,7 % GDP growth for Azerbaijan in 2012.

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