Government Revises Economic Forecasts for Next Year Downward

The Azerbaijani parliament at a meeting of the parliamentary committees concludes the discussion of parameters of the state budget for next year. The Ministry of Finance has decided to revise the economic forecasts downward - so, according to the Minister of Finance Samir Sharifov, if previously the government provided for GDP growth in 2016 at 4.4%, it will now fluctuate within 3.3%.

"In addition, the state budget is made up with a forecast of oil export price of $ 50 per barrel on world markets, but the government "reserves" two scenarios - optimistic (based on $ 60 per barrel) and pessimistic ($ 40 per barrel). So it all depends on the situation in the world market, and the Ministry of Finance thus will not experience problems with the financing of the budget in the event of a serious decline in world prices," he said. --17D-

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