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IMF Improves Azerbaijani Economic Growth Outlook

The International Monetary Fund (IMF) has improved Azerbaijani economic growth outlook to 4 percent in 2015, the updated World Economic Outlook report said.

The GDP growth of Azerbaijan for the current year amounted to 1.8 percent, according to the previous [June] IMF forecast.

At the same time, the Monetary Fund has kept its forecast for economic growth in 2016 at the level of 2.5 percent. In 2020, the IMF forecasts that Azerbaijani economy will grow by 3.4 percent, according to the report.

On average in the CIS, the IMF expects a 2.7 percent decline of the total GDP in 2015. The economic growth of the CIS countries will resume starting from 2016, a 0.5 percent growth is expected in 2016 and a 2.5 percent growth is expected in 2020, said the report.

In other countries of the region, economic growth forecast for 2015 and 2016 is as follows: Turkmenistan - 8.5 percent and 8.9 percent, Uzbekistan - 6.8 percent and 7 percent, Armenia - 2.5 percent and 2.2 percent, respectively, Georgia - 2 percent and 3 percent, respectively, Kazakhstan - 1.5 percent and 2.4 percent, respectively, Kyrgyzstan – 2 percent and 3.6 percent, respectively, Tajikistan – 3 percent and 3.4 percent, respectively.

The IMF expects 3.8 percent decrease in Russia's GDP in 2015 and 0.6 percent in 2016, Belarus – 3.6 and 2.2 percent, respectively and Ukraine – 9 percent decrease in 2015 and 2 percent increase in 2016.

Moreover, IMF analysts believe that the global economic growth in 2015 will be 3.1 percent, not 3.5 as previously forecasted.

The report said that the global economic growth in 2015 will be at the lowest level since the end of the financial crisis.

Nevertheless, the IMF expects the global economy to gradually recover in subsequent years. Developing economies which will account for the major part of the global economic growth are also expected to recover, according to IMF experts.

The average annual inflation in Azerbaijan will be 5 percent in 2015, 4.2 percent in 2016 and 4.5 percent in 2020, according to the forecasts.

Azerbaijan's balance of payments surplus will be three percent of GDP in 2015, 2.7 percent of GDP in 2016 and 5.1 percent of GDP in 2020.

Source: Trend

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