The state budget deficit of Azerbaijan in 2015-2016 can be up to 2% of GDP. As analysts of the international rating agency Fitch Ratings reported, the long-term Issuer Default Rating (IDR) of the country for foreign and local currency is BBB- with "stable" outlook. These are the same ratings of senior unsecured bonds in the country's foreign and local currency. The short-term IDR for foreign currency is F3.
Stability is ensured by a strong government balance sheet. The assets of the State Oil Fund in the first half reached $ 37.6 billion. "Given the foreign exchange reserves of the Central Bank of Azerbaijan in the amount of $ 15 billion. Gross sovereign external assets account for 69% of GDP. Fitch expects further moderate growth of sovereign assets by a decline in the current account surplus in 2014-2016 years ", - reads the information on the site. Analysts believe that in the event of a sharp decline in oil prices or a significant reduction in oil surplus funds will provide a "financial safety net".
The report emphasizes that "the banking system remains relative weakness of the economy. International Bank of Azerbaijan (IBA), which is majority state ownership and control of one-third of the assets of the banking system, has a problem with the quality of assets, despite the current recapitalization of 500 million manat," said the agency. --17D-
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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