Azerbaijani GDP growth forecasted by IMF is good index amid rest world countries

Business Materials 5 June 2009 15:26 (UTC +04:00)
Azerbaijani GDP growth forecasted by IMF is good index amid rest world countries

Azerbaijan, Baku, June 5 / Trend N. Ismayilova /

Growth of GDP in the amount of 2.5 percent forecasted by the International Monetary Fund for 2009 is good index amid forecasts of world countries' negative growth in the amount of 75 percent, IMF Baku's representation head Koba Gvenetadze said on June 5.

"Rates of GDP growth forecasted by IMF for Azerbaijan will hit 12.3 percent in 2010. This index will be the highest in the region and provide average growth of GDP in the amount of 5 percent in the Middle East and Central Asia," Gvenetadze said.  

Growth of GDP will hit 0.9 percent in the region in 2009 upon IMF forecasts published in edition Prospects of regional economy development: Middle East and Central Asia. 

Positive factor is to reduce inflation in the country that will hit 4 percent as a result of year upon forecasts, Gvenetadze said.

"Import to the country also reduced, as well as demand inside the country that can positively affect development of local production," Gvenetadze said.

When the fund forecasted, oil price per barrel taken as basis hit $52, he said. Presently, oil price per barrel exceeds forecasted price. It is not excluded that positive budget balance of current operations will increase more. State budget will be executed without deficit forecasted in report.

"Presently, Azerbaijani state oil fund has sufficient volume of funds to cover negative consequences of crisis," Gvenetadze said.

Growth of the country's non-oil sector forecasted by IMF will hit 4 percent in 2009 but 1 percent in oil sector. It means average growth of economy in the amount of 2.5 percent, he said.

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