Economics
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In the Karabakh economic region, there is a transformative push towards revitalizing agriculture through the creation of agroparks, the most notable of which is the "DOST Agropark," inaugurated in Zangilan in 2023. Despite promises from Azerbaijani officials to establish additional agroparks, significant obstacles remain, the most prominent being the absence of comprehensive land reform in the liberated territories.
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The Ministry of Finance of Azerbaijan predicts that the consolidated budget revenues for 2025 will reach 44,371.4 million manats (approximately $26.1 billion), while expenditures are expected to amount to 45,867 million manats ($26.98 billion). This represents a 2% increase in revenues and a 0.5% rise in expenditures compared to the approved 2024 forecasts, with the budget deficit narrowing to 1,495.6 million manats ($879.8 million)—a reduction of 29.2% year-on-year.
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The Central Bank of Azerbaijan (CBA) aims to keep inflation within the target range of 4±2%, forecasting a rate of 5.4% for 2024 and a slight increase to 5.5% in 2025. This cautious forecast reflects the complexity of economic conditions both domestically and internationally and is aimed at stabilizing inflation expectations. The Bank’s strategy is focused on managing inflation risks while balancing growth objectives.
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Azerbaijan's Small and Medium Business Development Agency (SME) and the Iraqi Federation of Chambers of Commerce have formalized a significant step towards enhancing bilateral economic ties with the establishment of the Azerbaijan-Iraq Business Council. The agreement, signed by Orkhan Mammadov, Chairman of the Board of Directors of SME, and Abdulrazag Al-Zuheir, President of the Iraqi Federation of Chambers of Commerce, comes within the framework of the Azerbaijan-Iraq Business Forum.
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