Fitch Ratings International Agency published a report on countries that gained the most from rising prices for raw materials in 2003-13 respectively. Azerbaijan was in the list of leaders, along with Bolivia and Peru. At the bottom of the table were Bahrain, Gabon, Venezuela and Suriname.
According to Fitch, centralized expenditures in developing countries, whose economies are based on exports of raw materials, rose by 5% of GDP since the mid-2000s with a sharp reduction of income from hydrocarbon exports.
The agency analysts believe that the total fiscal revenue in developing countries exporting raw materials at the end of this year will be reduced by $ 1.3 trillion compared to 2013. --17D-
Economics
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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Turkey aims to achieve carbon neutrality by 2053, transforming key sectors of its economy in line with a vision of "net-zero emissions and green development," President Recep Tayyip Erdogan announced at COP29 in Baku on Monday.
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