In 2012 GDP growth is expected to be at a level of 3.1 percent in Azerbaijan. It is shown on the report of World Bank (WB) named “Global Economic Prospects 2012”. The report was placed on the official website of the structure on Wednesday.
Prognosis for 2013 is 4.4 percent. The current operating account is expected to reach 22.4 percent of GDP in 2012 and 21.5 percent in 2013.
“The developing countries must be ready for delaying in economic growth in the future, too. Because debt problems of Euro zone and weakening of growth in countries where some markets formed, reduces the prospects of world economic growth”, - it is said in the report.
The WB has reduced the growth prognosis for developing countries by 5.4 percent and for high-income countries by 1.4 percent (for Euro zone - 0.3 percent). They are respectively 6.2 and 2.7 percent (for Euro zone 1.8 percent) in comparing with estimates of June. According to current prognosis, growth rate of world economy in 2012 and 2013 will be respectively 2.5 and 3.1 percent.
“Delay in economic growth already appears in weakening of world trade and decreasing of raw material prices. According to estimations, export of goods and services around the world was 6.6 percent in 2011 (in comparing with 12.4 percent growth in 2010 it has dropped off), but it is expected to grow only 4.7 percent in 2012. At the same time, world prices of energy resources, metals and mineral raw materials, and agricultural products have dropped off respectively 10.25 and 19 percent in comparing with the last maximum figures of 2011”, - it is said in the report.
The cause of reduction in raw material prices was the reduction of inflation in consumer prices in most developing countries.
According to predictions of the Azerbaijan Government, within the project of socio-economic development concept of 2012 real growth rate of GDP will be 5.7 percent, non-oil GDP 8.6 percent, and oil GDP 1.5 percent. The level of inflation is expected to be 6 percent. The GDP of the country is predicted to be $ 55.1 billion for next year.

Milli.Az