The World Bank (WB) in its updated, released on Oct. 2021 report on Europe and Central Asia raised the forecast for Azerbaijan’s GDP growth rate by 2.2 percent compared to the June 2021 report, Trend reports citing the bank.

According to the information, the WB predicts growth of Azerbaijan’s GDP in 2021 at the level of five percent, compared with a decrease in this indicator by 4.3 percent in 2020.

It is noted that in 2022 and 2023, Azerbaijan’s GDP growth rates are projected at 3.1 and 2.7 percent, respectively. Thus, the WB has lowered the forecast for the growth rate of Azerbaijan’s GDP by 0.8 and 0.7 percent.

“After a downturn last year, Azerbaijan’s economy grew sharply in 2021 with a recovery in the oil and gas sector coupled with rising hydrocarbon production and prices. While the course of events related to the COVID-19 pandemic remains uncertain, sustained vaccination progress and significant financial buffers are expected to help Azerbaijan’s economy reach pre-pandemic levels by the end of 2021. GDP growth is projected to reach five percent this year as a result of a robust recovery in both the energy and non-energy sectors. The COVID-19 pandemic will remain under control, and the rate of vaccination will remain at the current level,” the bank reports.

Source: Trend News Agency