"Azerbaijan’s economy weakened in 2014-2016 due to low oil prices in the world market. Because the country’s economy depends on oil sector, Konstantine Kintsurashvili, principal economist of the European Bank for Reconstruction and Development, said at the annual conference of Fitch Ratings held in Baku.
According to him, the decline in economy ended up with conservative budget planning and reconsideration of fiscal policy strategy: ‘Therefore, Azerbaijan is more prepared for next risks. The country must be more prepared for such risks in the future. The objective of the Central Bank of Azerbaijan is related to dollarization. Banking sector should be restructured. IBA was restructured successfully and this process must continue. But the economic diversification is limited. We know that it is difficult to carry out it in a short-run. It needs certain time. However, high oil prices may help it’.
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