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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Azerbaijani President Ilham Aliyev signed a decree on Monday aimed at improving social welfare, increasing the country’s minimum monthly wage to 400 manats ($235) starting January 1, 2025.
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Turkish companies YDA and ASFAT plan to build a shipyard near Kazakhstan's port of Kuryk to address the country's domestic fleet shortage, Kazakhstan's Minister of Transport Marat Karabaev announced on Monday during a parliamentary session. The project underscores Kazakhstan's ambitions to strengthen its maritime capabilities and logistics infrastructure.
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Kazakhstan's Minister of Transport, Marat Karabayev, unveiled the country’s bold roadmap for transforming itself into a premier transport and logistics hub in Eurasia. Speaking in parliament on Monday, Karabayev detailed strategies to capture a share of the massive $1 trillion annual freight flows between the East-West and North-South corridors.
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The ASCO-owned ferry "Shahdag," freshly refurbished, has resumed operations on the Azerbaijan-Kazakhstan route, aiming to alleviate severe truck congestion at ports on both sides of the Caspian Sea.
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