The International Monetary Fund has corrected some of the forecasts for the economy of Azerbaijan. The IMF forecasts the decline of GDP in Azerbaijan in 2016 at 2.4%.
In the April forecast the decline in 2016 was projected at 3%.
In 2017 the IMF predicts GDP growth of 1.4%, whereas in the April forecast the growth was projected at 1%.
The inflation forecast in 2016 was 10.2% versus 12.8% in the April forecast. -----71D
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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