Moody's upgrades outlook for Azerbaijan’s economy
Baku, Azerbaijan, Aug. 13
By Azad Hasanli – Trend:
Moody's international rating agency expects the Azerbaijani economy to grow by 2 percent in 2018 and 3 percent in 2019, according to Moody's new report.
Growth will be aided by higher oil prices and increased gas exports.
Conversely, the country's large financial assets provide significant support to the credit profile.
Earlier, the agency changed the outlook on Azerbaijan's banking system from negative to stable, stressing the possibility of growth in lending in the country by 5-10 percent this year.
Earlier, Fitch Ratings and Standard & Poor's agencies approved the credit ratings of Azerbaijan. The positive changes in the country's economy were noted in the reports of both agencies. In particular, S&P predicts that Azerbaijan's GDP will grow by an average of 3 percent until 2022, and nominal GDP will grow from 79 to 93 billion manats in the same period. At the same time, unemployment will remain at about 5 percent. Fitch Agency notes that the country will maintain broad political and social stability.
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