World Bank Promises to Azerbaijan Decline in Export and Import Operations
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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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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