Finance

Home page

Finance

S&P: Azerbaijani economy to increase by 3.7% on average during 2021-2023

25 July 2020 11:05 (UTC +04:00)

According to the new forecast of the S&P Global Ratings international rating organization, this year, the Azerbaijani economy will decrease by 6.9% on the backdrop of the COVID-19 pandemic and low oil prices, APA-Economics reports citing the agency.

It is expected that the country’s economy will start to revive in 2021, and the expected real GDP growth rate will be at the level of 2.9%. The growth will take place mainly at the expense of the AZN 3.5 bln. stimulation package allocated by Azerbaijan for mitigation of pressures exerted on economy, recovery of the internal consumption and greater hydrocarbon export.

Remind that during January-June of this year, the GDP production in Azerbaijan decreased by 2.7% compared to the same period of the previous year.