S&P expects strengthening of Azerbaijan's financial system
Baku, Azerbaijan, March 1
By Ilkin Shafiyev - Trend:
The international rating agency Standard & Poor's expects strengthening of the financial system of Azerbaijan on the backdrop of improving prospects for economic growth, S&P report reads.
S&P expects economic dynamics to improve over the next few years. It forecasts average growth of 3.3 percent in Azerbaijan through 2021.
The report reads that Azerbaijan has passed the bottom of the cyclical downturn induced by the 2014 plunge in oil prices.
"We expect economic dynamics will improve over the next few years. In particular, we forecast average growth of 3.3 percent through 2021, supported by gradual recovery in consumption and a cautious increase in business confidence," the report reads.
According to the agency, the trend of development of economic risk in Azerbaijan is "stable" [previously it was "negative"], which reflects the stabilization of the main macroeconomic factors.