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 State Oil Company of Azerbaijan (SOCAR) and Subsea7, a global leader in offshore engineering and construction, are exploring further collaboration on new projects in the Azerbaijani sector of the Caspian Sea. During a meeting between SOCAR President Rovshan Najaf and Subsea7 CEO John Evans, the two sides discussed the potential for Subsea7’s technological innovations to play a role in upcoming ventures. They also considered other areas of mutual interest for both companies.
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According to the State Customs Committee and the State Statistics Committee, Azerbaijan saw a significant increase in meat imports during the first nine months of 2024, amid more modest growth in domestic production.
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The event "Sustainable Transport of the Future" is being held in Baku on Wednesday, organized with the support of Azerbaijan Railways CJSC, aimed at promoting the concepts of sustainable transport that minimizes environmental impact. The event highlights environmentally friendly transportation options, such as walking, cycling, green public transport systems, and eco-friendly vehicles, all contributing to the reduction of greenhouse gas emissions.
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On October 23, 2024, the 3rd Conference of Energy Ministers within the framework of the "One Belt, One Road" (OBOR) initiative opened in Qingdao, China. Energy ministers from around the world gathered to discuss critical issues related to global energy security, the transition to clean energy, and innovations in the sector.
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