WB: Longer-term growth in Azerbaijan depends on continuation of domestic reforms

World Bank expects Azerbaijan's economy to grow by 2.5% in 2019, 2.3% in 2020, and 2.1% in 2021-2022, the World Bank said in its Global Economic Prospects, January 2020: Slow Growth, Policy Challenges.

Bank says in Azerbaijan, activity is expected to be dampened by the effects of subdued oil prices and lingering structural rigidities in the non-oil sector: "Longer-term growth depends on continuation of domestic reforms to enhance private sector development and address fragilities emanating from the financial sector, as well as investment in human capital to boost the quality of education and reduce skills mismatches."

Growth in the region decelerated to an estimated 2 percent in 2019, reflecting a sharp slowdown in Turkey as a result of acute financial market stress in 2018, as well as in the Russian Federation amid weak demand and cuts in oil production.