ADB forecasts rise in growth rate of Azerbaijan’s economy

Asian Development Bank (ADB) forecasts economic growth in Azerbaijan at 2.5% in 2019, and 2.7% in 2020, Report informs citing the Asian Development Outlook 2019.

GDP growth rate was 1.4% last year and 0.1% in 2017.

ADB analysts say that Average growth in the subregion rose from 4.2% in 2017 to 4.4% last year as higher oil prices restored growth to Azerbaijan and expansion accelerated in Tajikistan and Uzbekistan, the latter reflecting the authorities’ revision of statistics in prior years. Growth remained unchanged in Georgia and Kazakhstan and slowed in Armenia, the Kyrgyz Republic, and Turkmenistan, the last reflecting fiscal tightening.

Growth in the subregion is forecast to slow to 4.2% in both 2019 and 2020 with lower average oil prices trimming expansion in Kazakhstan, and despite improvement in Azerbaijan, Georgia, the Kyrgyz Republic, and Uzbekistan. Inflation is projected to slow further to 7.8% in 2019 and 7.2% in 2020 with further tightening of fiscal policy in Turkmenistan and monetary policy in Kazakhstan, as well as slower credit growth in Uzbekistan.