EBRD reveals economic growth forecast for Azerbaijan

EBRD reveals economic growth forecast for Azerbaijan
Finance
May 13, 2020 10:42
EBRD reveals economic growth forecast for Azerbaijan

European Bank for Reconstruction and Development (EBRD) has forecasted a 5% decline in Azerbaijan's gross domestic product (GDP) for this year, according to the Bank's report.

GDP in oil-rich Azerbaijan is expected to contract by 5% in 2020 amid declining foreign and domestic demand, but should rebound by 3.5% next year, said the EBRD.

The Bank projects the Armenian economy to shrink by 3.5% in 2020.

Georgia's gross domestic product (GDP) growth is expected to fall 5.5% in 2020, before rebounding to around 5.5% in 2021, the EBRD said, adding that the economy would be severely impacted as transport restrictions hit travel and tourism.