WB: Azerbaijan's GDP growth to total 2.7 pct in 2022

By Azernews

By Ayya Lmahamad

In keeping with the World Bank estimates, Azerbaijan's GDP growth will reach 2.7 percent in 2022, Azernews reports, citing day.az.

"Higher global commodity prices and restrictions on energy supplies will affect economic activity. At the same time, Azerbaijan's oil sector is already operating at near full capacity," the bank said.

The bank added that the country's GDP growth is projected at 2.2 percent in 2023 and 2.3 percent in 2024. Meanwhile, Azerbaijan's GDP growth in 2021 was 5.6 percent.

Earlier it was reported that Azerbaijan’s GDP grew by 6.8 percent in the first quarter of the year, the positive balance of foreign trade turnover exceeded $5 billion and the foreign debt was reduced by more than $600 million. Such positive economic figures were mostly achieved by the effective policy of social and economic development pursued in the country.

Azerbaijan is entering a new stage of development, which will cover 2022-to 2030 years. The primary tasks set up are sustainable economic growth, financial stability of the national economy, and the restoration of liberated territories.

It should be noted that Azerbaijan joined the WB in 1992. Since then, the bank has financed over 50 projects with total commitments of $4.4 billion. It started economic cooperation in Azerbaijan to help increase the country’s institutional capacity and build efficient oil reserves management. The WB has always supported the large-scale reforms carried out in Azerbaijan.