Headline
- What’s Behind Myanmar Military Chief’s Europe Voyage?
- Pakistani Taliban Confirms Death Of Leader's Son
- 'Deep State' ensures Pakistan's political parties in disarray in election year
- Mysterious North Korean spy to lead its Olympics delegation
- ‘Trump’s presidency fueled growth of U.S. hate groups’
- Banned charities a huge management challenge for Pakistan
- Why is the double-headed eagle Russias national symbol?
- Wish to expand Indo-Saudi bilateral relations: Jaitley
- China outbids India for stake in DSE
- Japan wants to construct world’s tallest wooden skyscraper
- Facebook responds to Russia probe: Will verify ad buyers
WB: Azerbaijan’s economy may grow 1% in 2018
Financial Stability

Baku, Azerbaijan, Aug. 12 By Azad Hasanli – Trend: World Bank (WB) forecasts the grow of 0.5 to 1 percent of the Azerbaijan’s economy in 2018, head of the bank’s Baku office Naveed Hassan Naqvi said in the exclusive interview with Trend.
This year, Azerbaijan’s economy will probably contract between 1 and 1.5 percent, he said.
"Unfortunately, Azerbaijan is overly dependent on oil," he noted. "Nonetheless, oil prices decline and subsequent devaluation of national currency created opportunities for other sectors of the economy to evolve."
He added that, the current exchange rate will create conditions for many potential agricultural exporters to become more competitive on different markets.
The fall in oil prices means that revenues of the Azerbaijani Government have declined, which forced consideration for new reforms that will encourage diversification of country’s economy, he said.
Azerbaijan continues to work on various reforms, he noted. "So we are happy to see the Road Map that Government has unveiled this year," he said.
Among other reforms, he also outlined the establishment of the Financial Stability Council.
Reforms take time and it’s too early to tell how effective they will be, he said.
He added that, reforms by the Azerbaijani Government have the potential to positively impact the country’s economy.
World Bank’s expectations for Azerbaijan’s economic growth are approximately similar to those of other financial organizations.
Consequently, International Monetary Fund expects Azerbaijan’s economy to decrease by one percent in 2017 and grow up to two percent in 2018. Dutch ING Bank expects a one percent decrease this year and a 1.6 percent increase in 2018, Asian Development Bank – 1.1 percent decrease and a 1.2 percent increase, respectively, and the Standard & Poor’s international rating agency – a one percent decrease and a two percent growth, also respectively.
Azerbaijan has joined the WB group in 1992.
More Euro Asia news of the month

Baku, Azerbaijan, Feb. 5 By Elchin Mehdiyev – Trend: Extraordinary presidential election in Azerbaijan sets tasks for trade...

Baku, Azerbaijan, Jan. 11 Trend: The year 2018 will be successful in terms of industrial and agricultural development in Azerbaijan,...

Baku, Azerbaijan, Dec. 26 Trend: Azerbaijan's President Ilham Aliyev has today arrived in Russia for a working visit. President...

Baku, Azerbaijan, Dec.1 By Leman Zeynalova - Trend: The 7th Ministerial Heart of Asia-Istanbul Process (HoA), titled “Security and...

Baku, Azerbaijan, Nov. 28 Trend: The ‘Maraga-150’ monument, erected in 1978, shows the whole world that the Armenians are an...

Baku, Azerbaijan, Oct. 27 By Ali Mustafayev – Trend The purpose of the French-Azerbaijani University is to train new qualified...

Baku, Azerbaijan, Oct. 16 Trend: Turning a blind eye to the occupation of the lands of other states poses a threat to peace and security...

Baku, Azerbaijan, Oct. 14 By Gulgiz Muradova - Trend: Pakistani companies are eager to enter Azerbaijan's pharmaceutical market....

Baku, Azerbaijan, Sept. 10 Trend: The First Summit on Science and Technology of the Organization of Islamic Cooperation (OIC) has kicked...

Sports
South raises North Korean flag despite laws prohibiting it
SEOUL, South Korea - Despite laws against it, the North Korean national flag was raised in the read more ..
Tochinoshin grabs sole lead as Kakuryu loses again
Tochinoshin snatched a one-match lead Thursday after yokozunaKakuryu suffered his second loss in read more ..