15 Oct 2009 18:10

EBRD forecasts Azerbaijan

BAKU. Oct 15 (Interfax) - The European Bank for Reconstruction and Development (EBRD) forecasts Azerbaijan's GDP will rise 5% in 2009 and 7.1% in 2010, the bank's Baku representation said in a statement.

Azerbaijan's GDP rose 10.8% in 2008.

Economic growth is being driven by rising oil prices and rising exports, the statement says, citing chief economist Anita Tasi.

GDP declined in the Central and Eastern European in the first half of 2009, but the EBRD forecasts 6.3% GDP growth in the second half. However, economic growth in 2010 will be weak, amounting to 2.5%.

The Azerbaijani government forecasts GDP to rise 12.9% in 2009 and 6.8% in 2010.

The International Monetary Fund (IMF) forecasts growth of 7.5% in 2009 and 7.4% in 2010, while the Asian Development Bank forecasts growth of 3% and 4.5% respectively and the World Bank - 3.3% and 5.2%.