TODAY.AZ / Business

World Bank: "Poverty rate may rise in Azerbaijan"

12 April 2008 [10:19] - TODAY.AZ
Several post-Soviet and European countries may face the slowdown of economic growth rates, said Pradil Mitra, head economist of the World Bank on European and Middle Asian states.
He said Ukraine, Estonia, Latvia, as well as Romania and Turkey, have already faced such problems. This year the situation may occur in Kazakhstan, Poland, Slovakia and Slovenia.

At the same time, Mitra noted that "possible uncontrolled risks" are not ruled out in the current situation, ITAR-TASS reports.

The WB head economist called on the countries to "continue structural reforms, strengthen tax policy and banking system and improve the investment climate".

Mitra also said that "the rise in foodstuffs prices may influence the rise in poverty rate in the region". To him, this is primarily actual for Middle Asian states with low incomes (except for Kazakhstan). The cost of minimal consumer basket may rise by 50-60% in these countries.

Moreover, the rise in prices on foodstuffs by 5% in Azerbaijan, Georgia, Moldova, as well as Albania, may lead to 2-3% rise in poverty rate.


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