The IMF has published an updated forecast for the global economy (World Economic Outlook), noting that by the end of December this year in comparison with the period last year, consumer inflation in Azerbaijan will amount to 7.9% (the government declares a maximum of 4.4 %).
The average annual inflation is expected to reach 5% (in June it was forecast at 8.5%), by the end of next year - 4.2% to December this year (in June it was 6.2%), and in 2020 - 4.5%.
GDP growth, according to the October forecast, will amount to 4% (June forecast was 1.8%). The Azerbaijani government forecasts 3.3%. In 2016, the IMF expects growth of the main factors of economic development at the level of 2.5% (in June - 2.8%), and in 2020 - 3.4%.
According to the Fund, the surplus of Azerbaijan's payment balance in 2015 will be 3% of GDP (in June - 5.1%), in 2016 - 2.7% (in June - 5.3%), and in 2020 - 5.1 %. --17D-
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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