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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
CIS countries	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