Azerbaijani Economy 31 march — 11:27

World Bank on Azerbaijan's economic growth

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The World Bank (WB) predicts that by the end of 2022, Azerbaijan's economy will return to pre-pandemic levels. This is stated in a new WB report for the region.

The early launch of the COVID-19 vaccination initiative in Azerbaijan and large-scale investments in reconstruction work in the country after the conflict with Armenia show that the country's economic recovery will be faster than expected, according to the report.

'The acceleration in domestic demand in 2021 will support economic growth, but it will also be driven by improved health and increased government spending. High oil prices are expected to reduce the fiscal deficit and help current operations return to a current account surplus. It is expected that without major structural reforms after 2021, the pace of economic recovery will be moderate as a result of a long-term recovery in oil production and tightening of fiscal policy,' says the report.

According to the new forecast of the World Bank, Azerbaijan's economy will grow by 2.8% in 2021 and by 3.9% in 2022.

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