Baku, January 27 (AZERTAC). The Baku office of the European Bank for Reconstruction and Development held a presentation of its Transition Report 2009 on Tuesday to assess the past year’s developments in CIS and Eastern European countries and analyses their macroeconomic performance and transition to market economies.

EBRD senior economist for Azerbaijan Anita Taci said the economic progress in Azerbaijan is driven by the rising oil prices and export demand.

According to the presentation, the GDP reached 5% over the eight months in 2009. The economic recovery is expected to continue this year too. The increase in oil and gas production will stimulate investments in this sector.

The growth rates will be will be faster in 2010 in such countries as Azerbaijan, Mongolia, Turkmenistan and Uzbekistan, which suffered less from the economic crisis.

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