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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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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