BAKU, Azerbaijan, Aug.18
By Zeyni Jafarov - Trend:
The inflation rates in Azerbaijan will grow amid easing of monetary policy and remain within the specified parameters of the country's Central Bank, Igbal Guliyev, deputy director of the International Institute for Energy Policy and Diplomacy of Russian MGIMO University, expert of the MGIMO Center for Sustainable Development, candidate of economic sciences, told Trend on Aug.18.
According to Guliyev, who is also, the inflation rates will have controlled natural consequences without reducing the standard of living of the population.
He said that attention should be focused on the stable state of the financial market in Azerbaijan, which is developing according to the laws of the modern monetary system and the monetary approach to stimulating the economy.
"The main driver of Azerbaijan’s economic growth will undoubtedly be the recovery nature of the processes after the recession in 2020 caused by the COVID-19 pandemic. At the same time, the movement of the state towards consideration of the emerging global tendencies and trends in the restructuring of the energy sector is also deemed to be an important element," the expert noted.
Besides, according to Guliyev, when assessing the rate of economic growth, it’s important to adhere to the highest possible precision. Based on this, the growth of Azerbaijan's GDP in 2021, according to forecasts of S&P Global Ratings, will amount to 2.4 percent, and in 2022-2023 - an average of 4.7 percent.
As earlier reported, Azerbaijan’s Ministry of Economy predicts a 3.4 percent growth of GDP in 2021.
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