ADB forecasts 2-3% growth for Azerbaijan’s economy next year

ADB forecasts 2-3% growth for Azerbaijan’s economy next year
# 13 December 2012 13:57 (UTC +04:00)

ADB Resident Representative Olly Norojono noted that the economic growth in Asia is lower than ADB expected and this was caused by several problems in oil sector in the countries such as India, Kazakhstan and Azerbaijan: “At present, the leading power of the regional economy is China. Generally, the economic growth rate on Asia is 6%, while ADB forecasted it to be 6.2%. This index is predicted to be 6.6% in 2013”.

Norojono also noted that new calculations on Azerbaijan’s economy is being conducted and these calculations will be completed in February, 2013: “I think, Azerbaijan’s economy will grow not over 2-3% in 2013. According to researches, BP-Azerbaijan must increase the oil extraction. But this will not be occurred less than a year”.

About inflation, ADB official noted that the inflation will raise more in 2013: “We predict inflation at the end of 2012 to be 5.4%, in 2013 – 6.5%”.

Norojono added that new forecasts on Azerbaijan for 2013-2014 will be published March, 2012.

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