ADB lowers Azerbaijan growth forecast in light of oil slump

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.”  

Source: Azernews