13:47 - 30.12.2019

---

December 30, Fineko/abc.az. Economic growth in Azerbaijan is projected to increase in 2020 compared with 2019, says the Central Bank’s statement on the main directions of monetary and financial stability policy for the medium-term period.

The statement says that, according to official forecasts, the rate of real economic growth in 2020 is expected to grow by 3%, including in the non-oil sector by 3.8%.

The ongoing reforms should stimulate the growth of labor productivity and capital, as well as the introduction of new technologies, which are the main factors of economic potential. In 2020, the state's demand will remain one of the important factors of economic growth.

A more conservative ($55) forecast for oil prices in the budget compared to last year is a factor that supports fiscal sustainability for the future. Innovations in budget regulation in the preparation of State Budget 2020 are aimed at strengthening fiscal incentives of economic growth.

By Elmir Murad