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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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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