This year's gross domestic product in Azerbaijan will be reduced compared to 2015 by 3% and the growth rate of 1% will be achieved next year. This is stated in the annual report of the International Monetary Fund, World Economic Outlook.
According to the report (http://www.imf.org/external/pubs/ft/weo/2016/01/pdf/text.pdf), this year Georgia's GDP growth is projected at 2.5%, while in Armenia it will be 1.9%.
In another important macroeconomic indicator a negative trend is also expected. Whereas in 2015 the balance of payments surplus was 0.2% to GDP, in 2016 it will be marked by a negative balance at the same level.
Recovery of the economy is possible only in 2017 (+ 1%).
Consumer price growth will continue in 2017. This year, the IMF expects the inflation rate at the level of 12.8%, and in 2017 – at 9.5%.
The unemployment rate in Azerbaijan will not change (6%) in 2015-2017. ---08D
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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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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