Finance

Home page

Finance

IMF raises global inflation outlook

13 October 2008 15:07 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Inflation is predicted to weigh 22.4 in 2008 and 20% in 2009 in Azerbaijan, said the International Monetary Fund in an October update of World Economic Outlook that slashed growth projections for the global economy and predicted the United States - the epicenter of the financial meltdown - will continue to lose traction.
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.
Inflation rate for the CIS area, which was 9.7% last year, will be 15.6% in 2008 and 12.6% in 2009.
Raising inflation for all countries, IMF predicts that food prices will leave some countries vulnerable to prevention of inflation.

CIS

	2006	2007	2008	2009
Azerbaijan	8.4	16.6	22.4	20.0
Russia	9.1	12.8	25.3	18.8
Ukraine	8.6	10.8	17.6	9.8
Kazakhstan	10.7	8.9	4.5	5.3
Belarus	7.0	8.4	15.3	9.6
Turkmenistan	8.2	6.3	13.0	12.0
Armenia	2.9	4.4	9.4	5.0
Georgia	9.2	9.2	10.0	7.6
Kyrgyz Republic	5.6	10.2	24.5	12.2
Moldova	12.7	12.4	13.7	9.7
Tajikistan	10.0	13.2	21.6	15.5
Uzbekistan	14.2	12.3	11.1	10.6

Developed economies

	2006	2007	2008	2009
United States	3.2	2.9	4.2	1.8
Germany	1.8	2.3	2.9	1.4
France	1.9	1.6	3.4	1.6
Italy	2.2	2.0	3.4	1.9
Spain	3.6	2.8	4.5	2.6
Netherlands	1.7	1.6	2.9	2.6
Belgium	2.3	1.8	4.6	2.8
Austria	1.7	2.2	3.5	2.3
Finland	1.3	1.6	3.9	2.5
Greece	3.3	3.0	4.4	3.1
Portugal	3.0	2.4	3.2	2.0
Ireland	2.7	2.9	3.5	2.4
Luxembourg	2.7	2.3	3.7	1.8
Slovenia	2.5	3.6	5.9	3.3
Cyprus	2.2	2.2	4.6	3.5
Malta	2.6	0.7	3.7	2.2
Japan	0.3	-	1.6	0.9
United Kingdom	2.3	2.3	3.8	2.9
Canada	2.0	2.1	2.5	2.1
Korea	2.2	2.5	4.8	4.0
Australia	3.5	2.3	4.6	3.6
Taiwan	0.6	1.8	4.2	2.5
Sweden	1.5	1.7	3.4	2.8
Switzerland	1.0	0.7	2.6	1.5
Hong Kong	2.0	2.0	4.8	4.3
Denmark	1.9	1.7	3.4	2.8
Norway	2.3	0.8	3.2	2.7
Israel	2.1	0.5	4.8	3.3
Singapore	1.0	2.1	6.5	3.3
New Zealand	3.4	2.4	4.2	3.8
Iceland	6.8	5.0	12.1	11.2

Europe

	2006	2007	2008	2009
Turkey	9.6	8.8	10.5	8.4
Estonia	4.4	6.6	10.2	5.1
Latvia	5.5	10.1	15.9	10.6
Lithuania	3.8	5.8	11.3	6.2
Czech Republic	2.5	2.8	6.7	3.4
Hungary	3.9	7.9	6.3	4.1
Poland	1.0	2.5	4.0	3.3
Slovak Republic	4.3	1.9	3.9	3.6
Bulgaria	7.4	7.6	12.2	7.0
Croatia	3.2	2.9	7.0	4.9
Romania	6.6	4.8	8.2	6.6

Middle east

	2006	2007	2008	2009
Iran	11.9	18.4	26.0	22.0
Saudi Arabia	2.3	4.1	11.5	10.0
United Arab Emirates	9.3	11.1	12.9	10.8
Kuwait	3.1	5.5	9.0	7.5
Egypt	4.2	11.0	11.7	16.0
Syrian Arab Republic	10.4	4.7	8.0	7.0
Jordan	6.3	5.4	15.8	7.6
Lebanon	5.6	4.1	11.0	6.2

Asia

	2006	2007	2008	2009
China	1.5	4.8	6.4	4.3
India	6.2	6.4	7.9	6.7
Pakistan	7.9	7.8	12.0	23.0
Bangladesh	7.1	9.1	10.1	10.0
Indonesia	13.1	6.2	9.8	8.8
Thailand	4.6	2.2	5.7	3.2
Philippines	6.2	2.8	10.1	7.0
Malaysia	3.6	2.0	6.0	4.7
Vietnam	7.5	8.3	24.0	15.0

South America

	2006	2007	2008	2009
Argentina	10.9	8.8	9.1	9.1
Brazil	4.2	3.6	5.7	5.1
Chile	3.4	4.4	8.9	6.5
Colombia	4.3	5.5	7.3	5.5
Ecuador	3.3	2.3	8.5	5.1
Mexico	3.6	4.0	4.9	4.2
Peru	2.0	1.8	5.6	4.4
Uruguay	6.4	8.1	6.8	6.2
Venezuela	13.7	18.7	27.2	33.5

Africa

	2006	2007	2008	2009
Algeria	2.5	3.6	4.3	4.0
Morocco	3.3	2.0	3.9	3.5
Tunisia	4.5	3.1	5.1	4.5
Ethiopia	12.3	15.8	25.3	40.8
Sudan	7.2	8.0	16.0	10.0
Congo	13.2	16.7	17.5	15.1
Kenya	14.5	9.8	25.0	6.5
Tanzania	7.3	7.0	9.2	6.5
Uganda	6.6	6.8	7.3	7.8
Angola	13.3	12.2	12.1	9.3
Ghana	10.2	10.7	16.8	13.3
Nigeria	8.3	5.5	11.0	11.1
Cameroon	5.1	0.9	4.1	2.1
Cote d’Ivoire	2.5	1.9	5.6	5.7
South Africa	4.7	7.1	11.8	8.0