IMF: Azerbaijan will enjoy the world-highest growth rate in 2008

IMF: Azerbaijan will enjoy the world-highest growth rate in 2008
# 10 October 2008 14:45 (UTC +04:00)
The IMF now projects that the global economy, which grew by a hardy 5% last year, will lose considerable speed, slowing to 3.9% this year. It is forecast to weaken even more - to just 3% - next year, marking the worst showing since 2002. In the past, the IMF has called global growth of 3% or less the equivalent to a global recession.
Inflation around the world remains high, driven up by surging energy and food prices through much of this year.
IMF said in the report that economic growth rate for the CIS states is projected to be 7.25% on average in 2008 and 5.75% in 2009.

CIS countries

Economic Growth

2008

2009

Azərbaycan

16%

16.4%

Türkmənistan

10.8%

10.3%

Ermənistan

10%

8%

Belarus

9.2%

8%

Özbəkistan

8%

7.5%

Qırğızstan

7.5%

6.7%

Rusiya

7%

5.5%

Moldova

6.5%

7%

Ukrayna

6.4%

2.5%

Tacikistan

6%

7%

Qazaxıstan

4.5%

5.3%

Gürcüstan

3.5%

4



According to the report, in the United States, the economy, which grew by 2% last year, is projected to slow to 1.6% this year. Growth would screech to a virtual halt in 2009, barely budging at just 0.1%. That would mark the worst showing since 1991, when the country was pulling out of a recession. The growth rate will be 1.3% in 2008 and 0.2% in 2009 in eurozone.
Growth rates are forecasted as below for economic zones all over the world.


CIS

2006

2007

2008

2009

Azerbaijan

30.5

23.4

16.0

16.4

Russia

7.4

8.1

7.0

5.5

Ukraine

7.3

7.6

6.4

2.5

Kazakhstan

10.7

8.9

4.5

5.3

Belarus

10.0

8.2

9.2

8.0

Turkmenistan

11.4

11.6

10.8

10.3

Armenia

13.3

13.8

10.0

8.0

Georgia

9.4

12.4

3.5

4.0

Kyrgyz Republic

3.1

8.2

7.5

6.7

Moldova

4.8

4.0

6.5

6.5

Tajikistan

7.0

7.8

6.0

7.0

Uzbekistan

7.3

9.5

8.0

7.5




Developed economies

2006

2007

2008

2009

United States

2.8

2.0

1.6

0.1

Germany

3.0

2.5

1.8

-

France

2.2

2.2

0.8

0.2

Italy

1.8

1.5

-0.1

-0.2

Spain

3.9

3.7

1.4

-0.2

Netherlands

3.4

3.5

2.3

1.0

Belgium

2.9

2.8

1.4

0.2

Austria

3.4

3.1

2.0

0.8

Finland

4.9

4.5

2.5

1.6

Greece

4.2

4.0

3.2

2.0

Portugal

1.4

1.9

0.6

0.1

Ireland

5.7

6.0

-1.8

-0.6

Luxembourg

6.1

4.5

2.3

1.8

Slovenia

5.7

6.1

4.3

3.7

Cyprus

4.0

4.4

3.4

2.8

Malta

3.1

3.7

2.8

2.3

Japan

2.4

2.1

0.7

0.5

United Kingdom

2.8

3.0

1.0

-0.1

Canada

3.1

2.7

0.7

1.2

Korea

5.1

5.0

4.1

3.5

Australia

2.7

4.2

2.5

2.2

Taiwan

4.9

5.7

3.8

2.5

Sweden

4.1

2.7

1.2

1.4

Switzerland

3.4

3.3

1.7

0.7

Hong Kong

7.0

6.4

4.1

3.5

Denmark

3.9

1.7

1.0

0.5

Norway

2.5

3.7

2.5

1.2

Israel

5.2

5.4

4.3

2.8

Singapore

8.2

7.7

3.6

3.5

New Zealand

1.9

3.2

0.7

1.5

Iceland

4.4

4.9

0.3

-3.1




Europe

2006

2007

2008

2009

Turkey

6.9

4.6

3.5

3.0

Estonia

10.4

6.3

-1.5

0.5

Latvia

12.2

10.3

-0.9

-2.2

Lithuania

7.9

8.9

3.9

0.7

Czech Republic

6.8

6.6

4.0

3.4

Hungary

3.9

1.3

1.9

2.3

Poland

6.2

6.6

5.2

3.8

Slovak Republic

8.5

10.4

7.4

5.6

Bulgaria

6.3

6.2

6.3

4.2

Croatia

4.8

5.6

3.8

3.7

Romania

7.9

6.0

8.6

4.8




Middle East

2006

2007

2008

2009

İran

5.8

6.4

5.5

5.0

Saudi Arabia

3.0

3.5

5.9

4.3

United Arab Emirates

9.4

7.4

7.0

6.0

Kuwait

6.3

4.6

5.9

5.8

Egypt

6.8

7.1

7.2

6.0

Syrian Arab Republic

4.4

3.9

4.2

5.2

Jordan

6.3

6.0

5.5

5.3

Lebanon

4.0

6.0

5.0

5.6



Asia

2006

2007

2008

2009

China

11.6

11.9

9.7

9.3

India

9.8

9.3

7.9

6.9

Pakistan

6.9

6.4

5.8

3.5

Bangladesh

6.5

6.3

7.0

5.6

Indonesia

5.5

6.3

6.1

5.5

Thailand

5.1

4.8

4.7

4.5

Philippines

5.4

7.2

4.4

3.8

Malaysia

5.8

6.3

5.7

4.8

Vietnam

8.2

8.5

6.3

5.5




South America

2006

2007

2008

2009

Argentina

8.5

8.7

6.5

3.6

Brazil

3.8

5.4

5.2

3.5

Chile

4.3

5.1

4.5

3.8

Colombia

6.8

7.7

4.0

3.5

Ecuador

3.9

2.5

3.0

3.0

Mexico

4.9

3.2

2.1

1.8

Peru

7.7

8.9

9.2

7.0

Uruguay

7.0

7.4

6.5

5.5

Venezuela

10.3

8.4

6.0

2.0




Africa

2006

2007

2008

2009

Algeria

2.0

4.6

4.9

4.5

Morocco

7.8

2.7

6.5

5.5

Tunisia

5.5

6.3

5.5

5.0

Ethiopia

11.6

11.4

8.4

6.5

Sudan

11.3

10.2

8.5

7.7

Congo

5.6

6.3

10.0

10.3

Kenya

6.4

7.0

3.3

6.4

Tanzania

6.7

7.1

7.5

8.0

Uganda

10.8

7.9

9.8

8.1

Angola

18.6

21.1

16.0

12.8

Ghana

6.4

6.3

6.5

5.8

Nigeria

6.2

5.9

6.2

8.1

Cameroon

3.2

3.5

3.8

4.6

Cote d’Ivoire

0.7

1.6

2.9

4.7

South Africa

5.4

5.1

3.8

3.3

#
#

THE OPERATION IS BEING PERFORMED