In 2015, in the South Caucasus and Central Asia, the growth is only half of the indicators in 2014, predicts the World Bank report "about the economy in Europe and Central Asia: low commodity prices and weak currency."
According to the bank's forecasts, Azerbaijan's GDP in 2015 will grow by 2%, in 2016 – by 2.6% and in 2017 – by 2.7%.
It is expected that oil prices will average $ 50 per barrel in 2015 and will gradually increase to $ 58 per barrel in 2017. This will affect the foreign trade balance of Azerbaijan, which is highly dependent on oil. In 2015, exports will shrink by 1%, in 2016 – by 0.6% and in 2017 - by 0.7%. Reduced oil revenues will lead to a reduction in imports, which essentially depends on the country. At the end of 2015 imports will decrease by 3.6%, in 2016 – by 2.5% and in 2017 - by 2%. -0-
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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