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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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