12:02 - 9.06.2020

---

June 9, Fineko/abc.az. Azerbaijan's GDP is expected to decline by 2.6% this year amid the coronavirus pandemic (COVID-19).

ABC.AZ reports that this is stated in World Bank’ Global Economic Prospects (GEP) released in June.

According to the WB report, the country's GDP will grow by 2.2% in 2021.

The Bank, which expects oil prices to stabilize, therefore forecasts an increase in economic activity in the country in 2021.

The WB report says that the coronavirus pandemic will lead to an increase in budget spending on healthcare in Azerbaijan, the provision of deferred tax payments for taxpayers and the expansion of the package of measures for social protection of the population.

In addition, according to WB’s expectations, after a sharp decline in oil prices, strategic investment plans for renewable energy sources will be expanded in Azerbaijan.

It should be noted that in compliance with the WB’s previous forecast Azerbaijan's GDP will decrease by 0.2% in 2020 and by 2.2% in 2021.