Azerbaijan, Baku, Dec. 10 / Trend N.Ismayilova /
The International Monetary Fund (IMF) expects the real GDP in countries in the Middle East and Central Asia to hit 5.7 percent in 2010 and 5.4 percent in 2011, IMF Regional Economist Niklas Vestelius said.
"Although the IMF predicts growth for the region, this level is still below the pre-crisis figures," Vestelius said.
He added that export volumes are increasing, and remittances from the region are also growing.
After reaching a minimum level in 2009, regional exports began to grow again in early 2010. In May, they reached a maximum level in Azerbaijan and Kazakhstan at an annual 80 percent.
"Prospects for 2011 are positive on the whole," he said. "At a time when the forecast for 2011 reflects oil prices at $80 per barrel, oil-exporting countries and the region's gas will show growth rates that are close to the level of 2010."
The regional banking systems have stabilized on the backdrop of a gradual recovery in private sector credit growth. The share of nonperforming loans in Azerbaijan reached 3.8 percent of total loans. The highest level of nonperforming loans - 26 percent - was observed in Kazakhstan.
"Azerbaijan maintained a neutral policy this year and plans fiscal consolidation next year," he said.
The Azerbaijani government seeks to develop its non-oil economy, and it is recommended to reduce the non-oil budget deficit to ensure medium-term fiscal sustainability. The IMF predicts the real GDP growth in Azerbaijan at reaching 4.3 percent in 2010 and 1.8 percent in 2011.