S&P expects Azerbaijan’s economy to grow
Baku, Azerbaijan, Jan. 28
By Taleh Mursagulov – Trend:
S&P Global Ratings expects Azerbaijani economy to grow 2.3 percent in 2019, Trend reports Jan. 28 with reference to the international ratings agency.
S&P Global Ratings affirmed the long- and short-term foreign and local currency sovereign credit ratings on Azerbaijan at 'BB+/B'. The outlook on the long-term ratings is stable.
Azerbaijan’s GDP will grow 3 percent in 2020 and 3.1 percent in 2021, according to the forecast.
Azerbaijan’s nominal GDP is expected at 80 billion manats in 2019 and will continue growing, reaching 84 billion manats in 2020 and 88 billion manats in 2021, the report said.
In addition, the ratings agency expects acceleration of GDP growth per capita. Thus, the growth will be 2.3 percent in 2019, 3 percent in 2020 and 3.1 percent in 2021.
“The stable outlook indicates our view of balanced risks to the ratings over the next 12 months; we expect that the authorities will continue to focus on macroeconomic stability, including fiscal management,” reads the report.
“The ratings on Azerbaijan are primarily supported by the sovereign's strong fiscal position, which is underpinned by the large stock of foreign assets accumulated in the sovereign wealth fund, SOFAZ,” the report said.
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