According to him, sharp decline in oil price has seriously affected Azerbaijan’s economy: “However, the negative trend is declining. Exchange rate of national currency has stabilized a little. In 2017, an economic growth is expected in Azerbaijan”.
Remind that EBRD said in its latest review that in Azerbaijan a 3%-recession will be observed in 2016 and 1%-growth in 2017.
“In January-September, Azerbaijan’s GDP declined 3.9%. During the reporting period, the GDP on non-oil sector fell 6.1%. Inflation increased from 4% to 11.2% due to manat devaluation” said EBRD.