Azerbaijan’s GDP is projected to grow 1.2 percent in 2017, according to the January 2017 Global Economic Prospects report of the World Bank (WB) published Jan. 11 on its website.
In June 2016, the WB forecasted Azerbaijan’s GDP to grow 0.5 percent in 2017.
Azerbaijan’s economic growth will be 2.3 percent in 2018 and 2019, according to the bank.
Overall, the WB downgraded the forecast of the global economic growth for 2017 and 2018 by 0.1 percentage points - to 2.7 percent and 2.9 percent, respectively.
In June 2016, the WB forecasted global economy to grow 2.8 percent in 2017 and 3 percent in 2018.
In accordance with the updated forecast of the bank, the global economy is expected to grow 2.9 percent in 2018 and in 2019.
In addition, the WB downgraded its global GDP growth forecast for 2016 by 0.1 percentage points in comparison with the forecast made in June 2016. Currently, the WB experts estimate the global economic growth at 2.3 percent for 2016[compared to 2.4 percent global economic growth for 2016 forecasted earlier].