World Bank: Azerbaijan's GDP to increase by 4.5% next year

World Bank: Azerbaijan
# 06 January 2021 09:51 (UTC +04:00)

According to a new forecast of the World Bank, the Azerbaijani economy will increase by 1.9% in 2021, APA-Economics reports citing the Global Economic Prospects report of the World Bank.

Note that the mentioned forecast is the same as the expectation of October of 2019 of the Bank.

In 2020, the World Bank expects GDP to decrease by 5% ( a decrease of 4.2% in October forecast), but increase by 4.5% (an increase of 2.8% in comparison with October forecast) in the country in 2022.

Activity is expected to expand in Azerbaijan over the forecast horizon as oil prices stabilize and the economy benefits from investment and reconstruction spending. The peace statement between Armenia and Azerbaijan is expected to help alleviate geopolitical tensions in the region.