World Bank predicts a decline in Azerbaijan's economy by 1.9%

Forecast: Azerbaijani economy will grow by 0.7% in 2017 and 1.3% in 2018

Baku. 8 June. REPORT.AZ/ The World Bank (WB) predicts a decline of economy in Azerbaijan by 1.9% in 2016.

Report informs, it is stated in World Bank's report on global economic situation and prospects released in June.

Notably in January report of the World Bank economy of Azerbaijan is forecasted to grow by 0.8% in 2016.

At the same time, though in January report Azerbaijan's economy forecasted to increase by 1.2% in 2017, and 2.7% in 2018, these figures decreased by 0.7% and 1.3% respectively.

The bank also decreased its forecast for the world economy in 2016 from 2.9% to 2.4% in January, while the forecast for 2017 down from 3.1% to 2.8%

In World Bank's report, along with Azerbaijan, a negative impact of lower oil prices will continue to impact on Russia and Kazakhstan. Nevertheless, there are tentative signs that the slowdown in some sectors of the economy of these countries have reached the bottom.As the International Monetary Fund, the World Bank predicts the average price of oil in 2016 at 41 USD/barrel.

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