Asian Development Bank is optimistic about Azeri economical growth

According to Westfol the review covers perspective development and ruse in macro-economic indices of the Asian and Pacific Ocean basin. It also includes viewpoint of different sides, in particular, ideas by Azerbaijani President Ilham Aliyev.

Westfol also noted that the review would be presented in 11 countries, while extraction from the document will be sounded at CNN and BBC.

In his turn Zveglich said that in accordance with the review macro-economic development is predicted for all countries of the region in the middle-term prospect. In general, the development prospects for the entire region are expected to remain at 9% annual growth. Zveglich noted that Asia remains to be a leader in the world progress despite the cataclysms like tsunami and earthquakes, which hit the region. A rise in the economy of the countries would promote rise in oil prices in the world markets, which is predicted to fall.

The ADB senior economist stressed in 2004 a rise of GDP constituted 10.2% in Azerbaijan, which makes the region excellent even in the dynamically developing region like Asia. Zveglich attributed 2005 as a turning point for Azerbaijan, so the GDP this year is expected to reach 14.5%. The same time the economic growth will increase, as the report urges. Zveglich appraised the country's fiscal policy. Touching upon the issue of impact of the oil prices at world markets he said that the factor might contribute to an increase of country's incomes, which could consequently transform the scheduled forecast indices of the budget deficit and budget surplus.

Zveglich also stressed the significance of the oil revenues management strategy, which is directed at spending incomes from oil export on the development of no-oil sector.

Touching upon the financial sector Zveglich underlined the importance of renewal of legislative base, which was reflected ?in the new laws regulating the activities of the banks and the National Bank of Azerbaijan. He also noted that the development of the financial sector should give stimuli to the development of the industry in the country. Such a development requires structural reforms. The expert underlined that the country should continue the work directed at implementing the anti-corruption measures, in particular, full implementation of the anti- corruption law.

According to the ADB, in the years to come Azerbaijan expects the following growth indices.