UN forecasts Azerbaijan's GDP growth rate at 2 pct

By Azernews

By Ayya Lmahamad

The United Nations Organization has forecasted the GDP growth rate in Azerbaijan to be at the level of 2 percent in 2021, in its recent “World Economic Situation and Prospects” report.

According to the report, the main reasons for Azerbaijan’s economic decline in 2020 up to nearly 3.9 percent were due to the oil production reduction within the framework of the OPEC+ agreement and the COVID-19 pandemic.

In the meantime, according to the report, Azerbaijan’s annual inflation will accelerate to 3.2 percent in 2021, while 2020 ended with an indicator of 3.1 percent.

Additionally, the report says that the economy will grow by 2 percent in 2022, while the level of inflation will be 3.5 percent.