Asian Development Bank expects reduction of food pricesBaku, Fineko/abc.az. Today Asian Development Bank has held a special presentation of Asian Development Outlook 2011 (ADO) in Baku. At the event the economist of the Banks Baku Office Nail Veliyev has stated that increase of food and oil prices influences customer inflation in Central Asia and Azerbaijan.
" Under our forecasts decrease of food prices and therefore reduction of inflation is expected in 2012",- N. Veliyev said. The inflation forecast for Azerbaijan in ADO 2011 is set at 7,5% for 2011 and 7% for 2012.
The Banks economist Tatsudji Hayakawa thinks that the main obstacle in development of Azerbaijani economy is insufficient diversification including export.
" About 95% of Azerbaijans export falls on the share of oil and oil products. Besides insufficient development of private sector slows down development of economy. Azerbaijan belongs to the range of countries with transitional period of economy",- T. Hayakawa said.
In his words poor infrastructure is the third obstacle in economys development.
" The government of Azerbaijan must also pay attention to encouragement of trade relations. For this it is necessary to develop road , customs and other infrastructure",- T. Hayakawa added.
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