IMF Forecast on Onset of Economic Recession in Azerbaijan Ungrounded, Says Expert (video)
Azerbaijan, Baku, 31 July/ Trend , corr U. Ismayilova/ The forecast of the International Monetary Fund (IMF) on the onset of the economic recession in Azerbaijan is not grounded, Azar Amiraslanov, President of Economic Reforms Fund of Azerbaijan said in the press conference on 31 July.
"There will be no economic recession in Azerbaijan," Amiraslanov said.
"The economy of the country will develop with slightly lower rates than today and it is natural as indicated in the forecast of the government and that of the World Bank," Amiraslanov said.
IMF indicated its forecast on economic growth in Azerbaijan in its report on situation of world economy. The forecast has been developed by benefiting from the statistical methodology of Organization for Economic Cooperation and Development (OECD).
"We are well-aware of the gradual drop in the growth rates of our economy," Amiraslanov said. No economic crisis is expected in Azerbaijan within the upcoming five years.
According to expert, on the contrary, the financial policy of the country is expected to be improved by 2012 to 2013.
Concerning the forecast of IMF, Amiraslanov said that it is not real to forecast drop in the economic growth of the country only on the basis of one segment, that is, drop in the growth rates of GDP. The crisis can happen only as a result of the deterioration of all spheres of economy.
"We are also well-aware of the drop in growth rates of GDP, which was forecasted by IMF, because the oil output is expected to decrease in the upcoming years and to affect the growth rates of GDP," he said.
According to the forecast of the Azerbaijani government and IMF, one can witness qualitative changes in the Azerbaijani economy within medium-term perspective, that is, in 2007, the share of oil sector in GDP made up 59%, but in 2011, this figure will drop up to 47% which is the indicator of the development of non-oil sector, he said.
According to expert, while in 2006, when the economic growth was 34.5% with GDP per head totaling to $2,469, in 2013, this figure will make up $12,915 with a drop of 2.6% in GDP forecasted by IMF, which means that Azerbaijan will become one of the countries with high income, he said.
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