The World Bank (WB) revised the 2014 economic growth forecasts for developing countries in Europe and Central Asia due to the Ukrainian crisis, according to the bank's statement.
In the WB’s updated outlook, this year Azerbaijan’s economic growth is expected to reach 4.5 percent.
Earlier, the WB analysts said they expect a 5.2-percent GDP growth in Azerbaijan in 2014, and a 4.1-percent GDP growth in 2015.
The emerging countries in Europe and Central Asia face some serious problems amid uncertain growth prospects, the bank said in its message citing Laura Tuck, the WB Vice President for Europe and Central Asia.
Aside from that, the bank’s updated outlook said that Armenia’s and Kyrgyzstan’s GDP growth is expected to stand at 3 percent, Kazakhstan’s GDP growth - 4.3 percent, Moldova’s GDP growth – 2 percent, Belarus’ GDP growth - 1.5 percent, Russia’s GDP growth - 0.5 percent, Turkey’s GDP growth - 3.5 percent.
Ukraine’s GDP is expected to fall by 8 percent.
The tensions in Ukraine had an impact on the country’s [economic] growth and led to a decline in economic activity, Tuck said.
She added that however, many structural problems faced by the region’s countries, existed even before the Ukrainian crisis, and still need urgent solution.
Among the emerging economies in Europe, more growth is expected in Hungary – by 3.2 percent. Poland’s GDP growth forecast is 3 percent, Lithuania - 2.9 percent, Romania - 2.7 percent, Latvia - 2.5 percent, Slovakia - 2.4 percent, the Czech Republic – 2 percent, Bulgaria - 1.4 percent, Estonia - 1.3 percent, Slovenia - 0.7 percent, and Croatia - 0.5 percent.
According to Azerbaijan's socio-economic development concept, drafted by the Ministry of Economy and Industry, the real GDP growth in the country is expected to reach 5.2 percent in 2014.
Meanwhile, the Asian Development Bank (ADB) forecasts Azerbaijan’s GDP growth in 2014 at the level of 5 percent, while the International Monetary Fund’s (IMF) forecast for Azerbaijan’s GDP growth stood at 4.5 percent.