World Bank doesn’t expect economic growth in Azerbaijan in following 3 years

Baku. 22 November. REPORT.AZ/ Stability of currency cannot be regarded as indicator of successful economic policy. Because, currency must adequately react to economic processes and shocks. 

Report informs, World Bank (WB) Chief Economist for Europe and Central Asia Hans Timmer stated.

H.Timmer told that applying currency stabilization policy is wrong approach. According to him, at present, there is 3% economic decline in Azerbaijan with double-digit inflation. This indicator will be at 3% also in following two years. It means, there will not be any economic growth in next three years.

WB official noted that there is economic recession in Azerbaijan. He recommends to revise monetary policy, stabilize financial sector. According to Timmer, decline of oil prices has negative impact on banking sector; consequently, measures should be taken to restructure banks and solve problem of rising bad loans.