WB raises forecast for Azerbaijani economy

The World Bank (WB) has raised Azerbaijan's economic growth outlook for 2021 by 0.9 percentage points to 2.8% compared to January, Report informs, referring to WB's Global Economic Prospects - June 2021.

According to the document, in 2022-2023, economic recovery in Azerbaijan will be 3.9% and 3.4%, respectively:

"Growth in Azerbaijan is expected to be supported by stabilization of oil prices as well as investment and reconstruction spending. The November 2020 ceasefire agreement between Armenia and Azerbaijan has alleviated geopolitical tensions in the region, although risks to stability remain elevated."

The Bank expects the economic growth to be 6% in Georgia, 3.2% in Russia, and 5% in Turkey this year, 5% in Georgia, 3.2% and 2.3% in Russia, and 4.5% in Turkey in 2022-2023.