IMF: Azerbaijan’s economy as one of world’s fastest growing in past 10 years
Azerbaijan, Baku, 12 March / Trend A.Akhundov /
The International Monetary Fund (IMF) forecasts the growth of the non-oil GDP in Azerbaijan at a rate of nine per cent in 2013.
This was stated by the IMF's departmental adviser on the Middle East and Central Asia (MCD), Raja Almarzoqi at a press conference on the outcome of the IMF mission's visit to Baku.
The IMF mission on Azerbaijan led by Almarzoqi is on a visit to Baku from February 26. The main purpose of the visit was to conduct consultations with the Azerbaijani government under Article IV of the Agreement 'On the creation of the IMF'.
"The growth of non-oil sector will be provided mainly through government spending and will increase the total GDP by 4.5 per cent," Almarzoqi said.
According to him, Azerbaijan's economy has become one of the fastest growing in the world over the last 10 years.
"The relatively limited period of oil production in the country requires conversion of the country's economy by 2020 into the one with the leading role of the private sector and characterised by continued and inclusive growth. This would require the introduction of drastic changes to the current economic policy to limit public spending and increase its efficiency, strengthen the financial sector and improve the working environment," Almarzoqi said.
According to him, the statement on the outcome of the visit to Baku will be published on the IMF's website by the end of this week. The report on compliance with Article IV of the Agreement 'On the creation of the IMF' by Azerbaijan will be released in the first or second week of May.