Asian Development Bank: ‘Decline in Economy of Azerbaijan to Be 2.5% in 2016’
The Asian Development Bank (ADB) has predicted the decline of the Azerbaijani economy by 2.5% in 2016, according to an updated review of the Asian Development Outlook 2016.
The ADB earlier forecast economic decline of 1%.
In 2017, ADB forecasts economic growth by 1%.
ADB predicts inflation in Azerbaijan by 12% in 2016 and 5.2% in 2017.
ADB noted that the economies of energy exporters such as Azerbaijan, Kazakhstan and Turkmenistan will remain under pressure due to low oil and gas prices. In 2017, the ADB expects increased demand and therefore prices for natural resources. ------71D
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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