WB improves forecasts for economic growth in Azerbaijan

The World Bank has revised its forecast for GDP growth in Azerbaijan in 2014, the WB said in its report entitled Global Economic Prospects released on Jan.15.

According to the report, the bank believes that during 2014 the country's GDP will grow by 5.3 per cent. In the forecast released in June 2013 the bank expected the growth rate of the national economy to be 4.8 percent. The GDP growth forecast for 2015 remained unchanged and is set at 4.5 percent. In 2016, the World Bank expects 3.9 percent growth in gross production of the country.

The bank forecasts that in 2014 the ratio of current account surplus to GDP is expected to reach 15.9 percent, in 2015 - 14.3 per cent, and in 2016 - 12.5 percent. In 2013, according to preliminary estimates of the bank, the figure was 17.7 percent.