World Bank predicts payments balance to return to surplus in Azerbaijan in 2021

Finance Materials 11 October 2020 16:39 (UTC +04:00)

BAKU, Azerbaijan, Oct. 11

By Zeyni Jafarov - Trend:

According to the World Bank's forecasts, the deficit of the payments balance on current operations of Azerbaijan in 2020 will amount to 0.7 percent of GDP, Trend reports citing an updated World Bank report on Europe and Central Asia.

According to the bank, the country's current account will return to surplus next year at 1.6 percent of GDP, and will reach 4.7 percent in 2022. The main reason for the deficit this year is the low volume of oil exports.

This year Fitch international rating agency predicted the country's deficit due to current operations at 4.1 percent, and in the updated September forecast of the Asian Development Bank (ADB), the deficit due to current operations in 2020 amounted to 5.1 percent.

In 2019 the surplus of Azerbaijan's balance of payments amounted to 9.1 percent of GDP or $4.4 billion.


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