If the average price of oil in 2020 is USD 35, the ratio of the current account balance of Azerbaijan to GDP will decrease by 4.6%, APA-Economics reports citing the research of Moody's Investors Service.
It has been noted that if the average price of oil is USD 45 in 2021, the ratio of the current account balance of Azerbaijan to GDP is expected to decrease by 4%.
Moody's notes that it is an average indicator by taking into consideration oil exporters. When it comes to other hydrocarbon exporters, Congo, Iraq, and Angola will mostly be hit. Thus, the ratio of the current account balance of these countries to GDP will decrease relevantly by 9.8%, 6.2%, and 6.4%. The lowest decrease in this indicators is expected in Papua-New Guinea, Trinidad and Tobago, Russia, and Bahrain. According to the forecast, current account balance in the mentioned countries will decrease by relevantly 0.6%, 1.4%, 1.9%, and 1.5% in 2020.
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