ADB lowers Azerbaijan growth forecast: Azerbaijan’s GDP will grow by 3% in 2015 rather than 3.5% as previously forecast, the Asian Development Bank predicted yesterday. “Despite a continuing slowdown in the petroleum sector, growth is projected to recover slightly to 3% in 2015 before reverting to 2.8% in 2016 as public investment moderates,” its states in the latest edition of its Asian Development Outlook report. “Industry is expected to contract by 2.5% in 2015 as lower oil prices may curtail oil output, and then again in 2016, but only by 1.6% as recovering prices revive oil output. Planned investment in infrastructure should offset declines in the oil sector, aiding non-oil growth in 2015 and 2016. However, growth could be less if declining oil revenue constrains budget outlays more than anticipated.”
ADB lowers Azerbaijan growth forecast in light of oil slump
Source: Azernews