IMF expects Azerbaijani economy to grow by over 1% in 2018
Baku, Azerbaijan, Oct. 10
By Azad Hasanli – Trend:
The International Monetary Fund (IMF) expects Azerbaijan’s economy to grow by 1.3 percent in 2018, according to the October 2017 World Economic Outlook.
IMF forecasts that Azerbaijani economy will shrink by 1 percent in 2017.
Meanwhile, the Azerbaijani government expects that the country’s GDP will grow by one percent (up to 61.4 billion manats) in 2017 and by 1.5 percent (up to 63.76 billion manats) in 2018.
According to the report, the CIS region’s GDP will grow by 2.1 percent in 2017 and 2018. Global GDP for these years is expected to grow by 3.6 and 3.7 percent, respectively.
The International Monetary Fund opened its office in Baku in 1992. In 1995-2005, the Fund allocated loans worth $577.3 million to Azerbaijan. Azerbaijan fully repaid the loans.
There has been no need for Azerbaijan to apply to IMF for financial resources since 2005. Therefore, since 2006, IMF and Azerbaijan have cooperated within the framework of consultations and technical assistance missions in main areas of macroeconomic policy.