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IMF: “Azerbaijani economy will be the least affected along oil-exporting countries”

14 October 2020 16:42 (UTC +04:00)

International Monetary Fund (IMF) has forecasted that GDP of oil-exporting countries of the Middle East and Central Asia region will decrease by an average of 6% this year, APA reports citing World Economic Outlook report of IMF.

In 2020, the economies of Turkmenistan, Kazakhstan, and Azerbaijan will be among the least affected among the region's oil exporters. Thus, according to the Fund's forecasts, this year the GDP in Azerbaijan and Kazakhstan will decrease by 4% and 2.7%, respectively, and in Turkmenistan will increase by 1.8%.

“Iraq, Oman, and Kuwait are among the worst-hit oil exporters this year due to the negative impact of the COVID-19 pandemic on the oil market. In 2020, the economies of mentioned countries will decrease by 12.1%, 10%, and 8.1%, respectively,” the report reads.

Note that the IMF forecasted that the GDP of Azerbaijan will increase by 2% in 2020. In 2019, Azerbaijan's GDP increased by 2.2%.