Azerbaijan predicted to have lowest GDP growth in 2011 among CIS countries

Azerbaijan predicted to have lowest GDP growth in 2011 among CIS countries

The GDP growth in CIS may total 4.5% in 2011 and 4.53% in 2012. The figures were announced after macro monitoring by the Eurasian Development Bank. Leading Central Asia economies for economic growth will be Turkmenistan (9.3%), Uzbekistan (7.8%), Tajikistan (6.1%), Kazakhstan (5.9%) and Kyrgyzstan (5.7%). Economies of Russia and Ukraine will grow 4.5%, Moldova – 4.1% and Azerbaijan – 3.9%.

Monitoring showed that at present there are some significant risks to sustained economic development in the region. Firstly, slowing global economy and, in particular in China means lower demand for raw materials – the main export goods within the CIS – and deterioration of the current account.

Secondly, restoration of the region’s economies, which has not yet led to disappearance of budget deficit and debt accumulation.

Third, growth in world food prices and the continuing weight of excess monetary liquidity, which makes inflation a major problem in the region.

According to the CIS Statistics Committee, GDP growth in CIS on average was 4.5% in 2010.

 

Leave A Comment