Economic growth prognoses for 2009

According to EBRD prognoses GDP growth in Azerbaijan will be 8% in 2009. Armenia’s GDP will grow by 5.5% and Georgia’s 3%. These figures however differ from the projections within those countries themselves. Armenia expects GDP growth of 9.2%, and Azerbaijan of 18.9%, whereas the Georgian budget has been calculated on the basis of a 2.5% growth of GDP. However Baku’s estimation might be revised due to the considerable reduction in oil prices worldwide.