In 2015, in the South Caucasus and Central Asia, the growth is only half of the indicators in 2014, predicts the World Bank report "about the economy in Europe and Central Asia: low commodity prices and weak currency."
According to the bank's forecasts, Azerbaijan's GDP in 2015 will grow by 2%, in 2016 – by 2.6% and in 2017 – by 2.7%.
It is expected that oil prices will average $ 50 per barrel in 2015 and will gradually increase to $ 58 per barrel in 2017. This will affect the foreign trade balance of Azerbaijan, which is highly dependent on oil. In 2015, exports will shrink by 1%, in 2016 – by 0.6% and in 2017 - by 0.7%. Reduced oil revenues will lead to a reduction in imports, which essentially depends on the country. At the end of 2015 imports will decrease by 3.6%, in 2016 – by 2.5% and in 2017 - by 2%. -0-
Economics
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Croatian Prime Minister Andrej Plenković announced enhanced efforts by Croatia to protect the Adriatic Sea and advance renewable energy projects during his address at the COP29 summit in Baku on Wednesday.
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Italian Prime Minister Giorgia Meloni on Wednesday called for collective action to limit global warming to 1.5 degrees Celsius during her address at the COP29 summit in Baku, emphasizing the need for a united response to the climate crisis.
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Greek Prime Minister Kyriakos Mitsotakis on Wednesday urged European leaders to pursue a "smart green deal" at the COP29 summit in Baku, advocating for a balanced approach to the energy transition that takes into account both environmental and economic realities.
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Kuwait’s Crown Prince Sheikh Sabah Khaled Al Hamad Al Sabah affirmed the country’s commitment to environmental sustainability during a high-level meeting at the COP29 summit in Baku on Wednesday, emphasizing Kuwait’s adherence to international climate agreements, including the Kyoto Protocol and the Paris Agreement.
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