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IMF: â€œEconomic growth Southern Caucasus and Central Asia will be 5.4% next yearâ€

09 December 2010 14:36 (UTC +04:00)

According to APA-Economics, Niklas Vestelius, IMFâ€™s Economist in the Middle East and Central Asia, financial stimulus and economic growth are observed in al CCA countries: â€œMost of this growth is observed in Russia and other countries owning oil-gas resources. There hidden risks in positive tendencies and per head incomes need more time to be increased as it was before 2009â€.

He also noted that, economic growth was forecasted to be 6% in the countries exporting oil-gas resources, 3.45 in importing countries. Generally, economic growth in the region is forecasted to be 5.7% in 2010, 5.4% in 2011.

â€œThe second wave of crisis is impossibleâ€ he added.

He also noted that, oil price was forecasted to be reached 80 USD in 2011: â€œAt the same time, the grain is expected to be increased next year and this will balance the pricesâ€.

The report also says that, nominal capacity of GDP in Azerbaijan will make 52.2 bln dollars, 57.9 bln in 2011, while it was 43.1 bln in 2009.

IMF also forecasts GDP growth rate in Azerbaijan to be 4.3% in 2010, 1.8% in 2011: â€œGDP growth in oil sector will be 3% in 2010, decrease by 1.3% in 2011. At non-oil sector, this index will be 5.6% in 2010, 5% in 2011â€.

Inflation is expected to be 5.5% in 2010, 6% in 2011.