IMF forecasts a stable GDP in Azerbaijan within 4.5%
The International Monetary Fund issued corrected forecasts for the world economy (World Economic Outlook, WEO) for 2014. The Fund has lowered its GDP growth forecast in 2014 to 3.3% (the April estimate was 3.7%, and in July - 3.4%). In 2015, it expects growth of 3.8% against the 4% projected in July.
The report notes that because of the geopolitical uncertainty the economy of the Commonwealth of Independent States (CIS) is facing serious challenges.
Geopolitical tensions have reduced the investment attractiveness of Russia and weakened business confidence in the country. The crisis in Ukraine has deepened further, reducing production and export. Several countries in the Caucasus and Central Asia have slowed trade and remittances, given their economic ties with Russia.
In this case, the countries of Central Asia and the Caucasus show a good performance against the background of the situation in Russia, Ukraine and Belarus, where the GDP growth rate is in the range 0% to 1.5%.
The highest growth of 10.1% is shown in 2014 by Turkmenistan (and 11.5% in 2015), Uzbekistan - 7.0% (6.5%), Tajikistan - 6% (6%), Georgia - 5.0% (5%) , Kazakhstan - 4.6% (4.7%), Azerbaijan - 4.5% (4.3%), Kyrgyzstan - 4.1% (4.9%), and Armenia - 3.3% (3.5%) .
The Medium Term Inflation Ceiling in Azerbaijan has reduced from 4.95% to 4% per year. In 2015 it is projected at around 3%. -0--
Economics
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The Green Climate Fund (GCF), an operating entity of the financial mechanism of the UN Framework Convention on Climate Change (UNFCCC) and the body responsible for implementing the Paris Agreement, has included Azerbaijan for the first time in its list of countries eligible for funding.
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The International Telecommunication Union (ITU), the Permanent Mission of the Republic of Azerbaijan to the UN Office in Geneva and the Ministry of Digital Development and Transport organized for the heads of about 30 diplomatic missions accredited in Geneva a special briefing on the initiative "Green Digital Action", which will be presented during COP29 in November in Baku, the Ministry of Digital Development and Transport of Azerbaijan reported.
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As a member of the International Renewable Energy Agency (IRENA) Council, Azerbaijan participated in the 28th meeting of this Council in Abu Dhabi (UAE).
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Azerbaijan’s imports of animal and vegetable fats and oils climbed 23.9% by weight and 16.2% by value from January to September 2024, official data revealed. Despite the uptick in volume, the import cost of these products saw a decrease compared to the same period last year, with the cost per ton of vegetable oil falling by 6.1% to $1,199.6 in 2024, down from $1,278.6 in 2023.
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