After Standard and Poor's, Fitch Ratings also lowered the credit rating of Azerbaijan from BBB- to the "junk" level of BB+.
The Fitch Ratings press release states that the low oil prices have caused a significant deterioration in the financial position of Azerbaijan. Reduction of the country's rating from BBB- to the "junk" level of BB+ was due to the government's inability to balance the costs and revenues on the background of lower oil prices, which led to the unstable economic situation.
Fitch also expects that Azerbaijan's GDP will decline by 3.3% in 2016. -0-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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