World Bank: If Azerbaijan not diversifies economy, development wil slow

Baku. 10 January. REPORT.AZ/ "If major oil exporters cannot diversify their economies, they will develop slowly. For example, if medium-term strategies adopted in Azerbaijan, Kazakhstan, Russia and Uzbekistan are not implemented, these countries may suffer from less economic growth”.

Report informs, World Bank’s Global Economic Prospects said.

According to information, although the decline in the Azerbaijani economy slowed down in 2017 compared to 2016, the process continued. Thus, the economic decline was 3.1% in 2016 and results of 2017 expected to show 1.4%.

"Decrease in oil prices in 2014-2016 was observed in the economy with a decline in the economy, including problems in the banking sector and the decline in government revenues. Poor monetary policy has restricted fight against inflation. At the same time, recovery in non-oil sector and investment have increased”, - the document said.

According to information, real GDP in Azerbaijan is predicted to increase by 0.9% this year, 1.5% in 2019 and 2.6% in 2020.