Asian Development Bank: ‘Decline in Economy of Azerbaijan to Be 2.5% in 2016’

The Asian Development Bank (ADB) has predicted the decline of the Azerbaijani economy by 2.5% in 2016, according to an updated review of the Asian Development Outlook 2016.

The ADB earlier forecast economic decline of 1%.

In 2017, ADB forecasts economic growth by 1%.

ADB predicts inflation in Azerbaijan by 12% in 2016 and 5.2% in 2017.

ADB noted that the economies of energy exporters such as Azerbaijan, Kazakhstan and Turkmenistan will remain under pressure due to low oil and gas prices. In 2017, the ADB expects increased demand and therefore prices for natural resources. ------71D

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