By Azernews

By Ayya Lmahamad

The World Bank (WB) forecasts Azerbaijan’s real GDP growth to stand at 3.1 percent and 2.7 percent in 2022 and 2023, in its January edition of Global Economic Prospects.

It should be noted that in its June forecast, the Bank estimated the country's real GDP growth to stand at 3.9 percent and 3.6 percent.

The report also stated that in 2021 the country’s GDP grew by 5 percent, compared to a decrease of 4.3 percent in 2020.

"In Azerbaijan, growth is anticipated to decelerate over the forecast horizon but remain above its 2010-19 average rate, supported by an expansion in non-energy sectors, rising public investment, and stable energy sector growth in line with OPEC+ quotas and higher natural gas production," it added.

At the same time, the report noted that in the South Caucasus, growth is projected to moderate to 3.9 percent in 2022 and 3.6 percent in 2023.

Last month, Azerbaijan's Economy Minister Mikayil Jabbarov said that the country's nominal GDP is forecasted to exceed $50 billion as of 2021. Noting that Azerbaijan's GDP grew by 5.3 percent during the first 11 months of 2021, Jabbarov added that the volume in the non-oil sector grew by 6.4 percent.

Azerbaijan is entering a new stage of development, which will cover 2022-2030. 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 to build efficient management of oil reserves. The WB has always supported the large-scale reforms carried out in Azerbaijan.