ADB reveals forecast of Azerbaijan's GDP for year-end

BAKU, Azerbaijan, Sept. 15 By Fidan Babayeva - Trend: Azerbaijan's GDP is forecasted to decline by 4.3 percent by the end of 2020, Trend reports referring to the report of the Asian Development Bank (ADB). According to ADB’s forecasts, Azerbaijan's GDP will grow by 1.2 percent in 2021. ADB expects a sharp decline in consumption as COVID-19 restrictions and lower incomes continue throughout 2020. Given that the COVID-19 pandemic and the decline in oil production are expected to continue in the coming months, ADB forecasts a deeper decline in GDP in 2020 than before in June, and a gradual recovery in 2021 as demand and oil prices rise. The ADB noted inflation in Azerbaijan in 2020 will be 3.8 percent, in 2021 - 3.2 percent. “ADB expects Azerbaijan's balance of payments deficit in 2020 to be 5.1 percent of GDP. A surplus of 4.5 percent of GDP is projected in 2021,” the report said. In 2021, a surplus is predicted as oil prices and external demand recovers, said the report. According to the ADB report for 2020, the decline in Azerbaijan's GDP is projected at 2.9 - 4.3 percent, depending on oil prices on world markets. --- Follow the author on Twitter: Fidan_Babaeva