Baku, Azerbaijan, Oct. 4
By Eldar Janashvili - Trend:
Azerbaijan has maintained its position and has shown steady growth rates with a rating of BB+, reads a report by the international rating agency Fitch Ratings, published on its website, Trend reports referring to the Financial Markets Supervisory Authority of Azerbaijan (FIMSA).
Fitch Ratings published its regular economic report for the third quarter of 2019, evaluating 22 countries of Eastern Europe and the post-Soviet space. By this indicator, Azerbaijan has the highest rating in the South Caucasus.
According to the comments given in the agency’s report, the main factors characterizing the rating of Azerbaijan include maintaining a surplus of external balance in trade relations and a low level of external public debt relative to GDP.
Also, the position of Azerbaijan in the ranking was positively influenced by such factors as reforms in the macroeconomics, financial market, taxation and social protection of the population, which led to inflation control and allowed the country to quickly respond to external economic shocks and crises that are likely to occur in the world.
Diversification of economy and the reduction of its dependence on the oil sector in the Fitch Ratings analysis were also emphasized as factors that played an important role in strengthening Azerbaijan’s position.