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UN predicting Azerbaijani economy to smile in future

23 January 2014 [13:40] - TODAY.AZ
By AzerNews

The United Nations has forecasted a promising economy for Azerbaijan in the new year stating that the country's gross domestic product (GDP) will reach to 5 percent in 2014.

In its latest report titled "World Economic Situation and Prospects 2014", published on January 20, the UN said Azerbaijan's GDP growth is promising.

The report comes as the European Bank for Reconstruction and Development (EBRD) predicts that Azerbaijan's gross domestic product (GDP) will be 3.5 percent in 2014.

The Azerbaijani government forecasts that the GDP growth in the country to amount to 4.7 percent in 2014.

The World Bank predicts Azerbaijan's economic growth at 5.3 percent, and the potential GDP growth-at 6.6 percent while the Azerbaijani government forecasts the GDP growth at 4.7 percent in 2014.

The real GDP growth in Azerbaijan in 2013 amounted to 5.8 percent when the non-oil sector increased by 9.8 percent. The country's GDP in 2013 increased up to 57 billion manats.

The UN also expects that the unemployment rate in Azerbaijan will amount to 5.4 percent in 2014 and 5.5 percent in 2015. The Azerbaijani government earlier noted the unemployment level in the country decreased to 5 percent in 2013.

Also, the UN forecasted that the inflation rate in Azerbaijan will be 5 percent in 2014 and 4.5 percent in 2015.

The EBRD also predicts Azerbaijan's inflation at a level of 3.8 percent in 2014, which is one of the lowest indicators among the countries of the Commonwealth of Independent States (CIS).

In 2013, the inflation rate in Azerbaijan stood at 2.4 percent.

Azerbaijan leading country in S.Caucasus for human capital index

The World Economic Forum noted in its Human Capital Report-2013 that Azerbaijan is a leading country among the South Caucasus countries in terms of human capital index.

The report noted that Azerbaijan stands at the 64th place among the 122 world countries with -0.157 score for human capital index, while Armenia at 73rd place with -0.218 score and Georgia at 77th place with -0.258 score.

Also, Azerbaijan ranked 71st with -0.153 score for education index, 94th with -0.414 score for health and wellness index, 55th with -0.016 score for workforce and employment and 55th with -0.044 score for enabling environment.

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