12:45 - 3.03.2022

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March 3, Fineko/abc.az. The Azerbaijani economy has recovered strongly, as progress with vaccination allowed an easing of social distancing measures, supported by the increased growth in the hydrocarbon sector.

ABC.AZ reports that the relevant statement was made by Chad Steinberg, IMF Mission chief for Azerbaijan.

“At the same time, though, inflation has increased in 2021, reflecting mainly the impact of increasing global food prices and other external factors, as well as the adjustment of some regulated prices. It is likely that inflation will remain elevated in the near term. Looking ahead, in view of the latest geopolitical developments, the risks and the uncertainty to the outlook have increased. On a positive note, if sustained, the recent rapid decrease in COVID cases could alleviate one of the sources of risk to the outlook,” he said.

The IMF expects Azerbaijan’s economy to grow by 1.7%, non-oil GDP will grow by 2.5%.