Azerbaijan's economy may return to the pre-pandemic level in the second half of 2022, the head of the Baku office of the World Bank, Sarah Michael, announced the new information.
"World Bank economists predict a gradual recovery of the economy, and according to current forecasts, GDP growth is expected to be 3% this year and 4% in 2022. The real growth rate may exceed our forecasts, which will be due to the high rates of vaccination in the country, as well as the increase in government spending and investment in the restoration of the liberated territories," Sarah Michael said.
Rehabilitation works in the occupied territories and reintegration of these regions into the country's economy will contribute to economic recovery.
The government of Azerbaijan forecasts GDP growth of 3.4% by 2021 and 4.8% by 2022.