The World Bank (WB) forecasts Azerbaijan’s economy growth at 3.6 percent in 2019, Trend reports with reference to the “Global Economic Prospects” report by the WB.
This figure will be 3.3 percent and 2.7 percent in 2020 and 2021, respectively, according to the report.
Growth rates in the Europe and Central Asia (ECA) region (including Azerbaijan) for this year are expected at 2.3 percent, with consequent acceleration of growth to 2.7 and 2.9 percent in 2020 and 2021.
The lingering effects of financial stress in Turkey are anticipated to weigh on regional growth this year, slowing it to 2.3 percent in 2019.
“Turkey is forecast to experience weak activity and slow to a 1.6 percent pace due to high inflation, high interest rates, and low confidence, dampening consumption and investment,” reads the report.
At the same time, Turkey’s economy growth rates will accelerate to 3 percent and 4.2 percent in 2020 and 2021, respectively.
Global growth is expected to slow to 2.9 percent in 2019, according to the bank’s analysts. The WB expects global economy to grow 2.8 percent in 2020 and 2021.
“International trade and investment are moderating, trade tensions remain elevated, and financing conditions are tightening,” reads the report. “Amid recent episodes of financial stress, growth in emerging market and developing economies has lost momentum and is projected to stall at 4.2 percent this year, with a weaker-than-expected rebound in commodity exporters accompanied by deceleration in commodity importers.”
Financial market pressures and trade tensions could escalate, denting global activity, according to the report.
