Baku. 11 November. REPORT.AZ/ The European Bank for Reconstruction and Development (EBRD) forecasts 0.5% economic decline in Azerbaijan this year and 2% growth next year, Report informs citing the bank's statement.
Notably, the EBRD report in May forecasted no economic growth in Azerbaijan's gross domestic product (GDP) in 2017. The bank recorded 1.5% increase in GDP in 2015, while 3.1% decline in 2016.
EBDR considers that growth in eastern Europe and the Caucasus as a whole is expected to pick up from near zero to close to 1.5 per cent in 2017: "All economies in the region, except Azerbaijan and FYR Macedonia, saw positive growth in the first half of the year. Headwinds from low commodity prices and the earlier recession in Russia subside, although Azerbaijan’s economy is projected to remain in recession. A gradual recovery in the region is set to continue in 2018".