"The recovery in Azerbaijan is slowing down due to a reduction in oil production."
The Asian Development Bank expects Azerbaijan's economy to grow by one percent in 2018, according to the : Asian Development Outlook 2017: Sustaining Development through Public-Private Partnership report.
In 2016 Azerbaijan's economy dropped by 3.8 percent. ADB expects the recession to continue though at a slower pace in 2017. Thus, according to the bank's forecasts, in 2017 the economy of Azerbaijan will decrease by 1.3 percent.
In turn, the government of Azerbaijan expects a 1% growth of the country's economy in 2017 and 1.5% growth in 2018.
"The recovery in Azerbaijan is slowing down due to a reduction in oil production," the ADB analysts note.
In general, in the Central Asia region, where the bank also includes Azerbaijan, economic growth is projected at 3.3 percent in 2017 and 3.9 percent in 2018.
ADB was established in 1966 and has 67 member countries. The head office of the bank is located in the capital of the Philippines, Manila. Azerbaijan was admitted to the ADB on December 22, 1999, and the country's share in the bank's capital makes 0.5%.
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