15:42 - 17.10.2023

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October 17, Fineko/abc.az. The International Monetary Fund has commented on its expectations regarding economic growth in Azerbaijan on report “World Economy Growth Prospects”.

ABC.AZ reports that according to the IMF head office, when determining the Fund's economic growth forecast on Azerbaijan, expected production volumes in the oil/gas sector and expected production volumes in the non-oil sector were taken as a basis. In addition, the forecast is based on a number of factors, such as continuation of the recovery process in the post-pandemic period in important sectors, investment plans of the public and private sectors and, more broadly, structural reforms to diversify the non-oil sector of the economy, as well as the economic prospects of Azerbaijan's trading partners.

The IMF explained the reason why in October it lowered the forecast of Azerbaijan's economic growth by 0.5% compared with the forecast for April 2023: "The revision of the growth forecast is mainly linked with the fact that oil production in the first 8 months of 2023 decreased more than expected." 
This October, the BFV predicted economic growth in Azerbaijan in 2023, 2024 and 2028 at the level of 2.5%.