Azerbaijan’s GDP growth in 2021 will be 2.8%, in 2022, economic growth will accelerate to 3.9%, it is said in the June bank of the World Bank prospects (GLOBAL Economic Prospects, GEP).
According to Interfax-Azerbaijan, in January WB predicted the GDP growth of Azerbaijan in 2021 at the level of 1.9%, and in 2022 – 4.5%.
For 2023, WB predicts Azerbaijan GDP growth by 3.4%.
It is expected that the growth of the GDP of Azerbaijan will be maintained by stabilization of oil prices, as well as investments and expenses for the restoration of Karabakh. The cease-fire agreement, signed in November 2020 between Armenia and Azerbaijan, reduced geopolitical tensions in the region, although risks for Stability remain elevated, “the report says.
The Government of Azerbaijan for 2021 predicts GDP growth at 3.4%.
Azerbaijan’s GDP decline in 2020 amounted to 4.3% due to restrictions on COVID-19 and reduce oil production in OPEC transaction +.