IMF forecasts steady growth of Azerbaijani economy
Azerbaijan, Baku, Oct. 2 / Trend N.Ismayilova /
The International Monetary Fund (IMF) has forecasted that in 2009, real GDP growth in Azerbaijan will amount to 7.5 percent, according to the IMF World Economic Outlook Report for October.
Under the IMF forecast, the country's real GDP will grow by 7.4 percent in 2010. GDP growth amounted to 11.6 percent in 2008.
In Azerbaijan, the balance of the current operations will be 19.6 percent of GDP in 2009, compared to 35.5 percent in 2008. In 2010 this figure will rise to 23.1 percent of GDP, the IMF reported.
In 2009 the level of inflation in the country is projected at 2.2 percent and in 2010 - 5.3 percent.
Under the IMF report, a growth prospect is more favorable for energy-exporting countries. Azerbaijan and Uzbekistan will experience only a moderate slowdown in 2009 and continued growth in 2010 due to the fact that energy prices will be stabilized after a crisis and fiscal expansion will support domestic demand. Kazakh economy will drop by two percent in 2009, the IMF reported. The IMF looks forward to its slight recovery in 2010, which is the result of anti-crisis plan worth $10 billion aimed to recapitalize banks and support economic recovery.
The Azerbaijani government forecast the GDP growth in the country to hit 18.9 percent in 2009. Total GDP production is expected to reach 43.6 billion manat.
GDP growth is expected to decrease in the next three years: by 6.6 percent in 2010, by 4.5 percent in 2011 and by 2.4 percent in 2012.
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