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S&P: Azerbaijani economy to grow by 2.1% this year

23 January 2021 12:15 (UTC +04:00)

Following Azerbaijan's sharp GDP contraction in 2020, S&P Global Ratings expects economic activity will gradually recover from 2021, APA-Economics reports citing S&P.

According to the agency, Azerbaijan’s GDP will expand by about 2.1% in 2021 and average 3.9% over 2022-2024.

"Growth will be supported by a rebound in hydrocarbon exports, recovery in domestic consumption aided by fiscal stimulus, and higher public investment associated with the government's investments in Nagorno-Karabakh. Downside risks to our projections remain due to the uncertainty of the duration of the pandemic and its impact on Azerbaijan's economy" reads the report.