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S&P: Highest economic growth rate to be in Azerbaijan among CIS countries next year

15 March 2021 16:33 (UTC +04:00)

According to the forecasts of the international rating agency S&P Global Ratings ("S&P"), in 2022, the highest GDP growth rate among the CIS countries (including Georgia) will be recorded in Azerbaijan, says new forecast prepared by S&P analysts, APA-Economics reports.

It was noted that in 2021, Azerbaijan's GDP will increase by 2,1%, and in 2022 by 5,7%.

When it comes to other countries, in 2022, the economy is forecasted to grow by 5,1% in Tajikistan, 5,5% in Uzbekistan, 4,5% in Georgia, 3% in Ukraine, 3,6% in Kazakhstan, 4,5% in Armenia, 2,7% in Russia, and 2% in Belarus.

Experts of the agency attribute sharp economic revival eliminating restrictions regarding COVID-19 and vaccinating to reach a larger scale. In addition, during the pandemic. As shorter restrictions applied in comparison to other regions, the CIS region less affected from the pandemic and as a result, return to pre-pandemic levels will occur sooner.