Finance

Home page

Finance

S&P: Volume of Azerbaijani economy will exceed level of 2019 next year

12 November 2021 10:12 (UTC +04:00)

S&P Global Rating Agency expects the economy of Azerbaijan to recover to 4% growth in 2021 and average 1.7% growth over 2022-2024 after a 4.3% contraction in 2020, APA-Economics reports citing the report of S&P on the Caucasus and Central Asia.

In 2022, the volume of GDP produced in Azerbaijan is expected to exceed the level of 2019.

According to S&P, recovery in oil exports is expected for the rest of this year and the next for Kazakhstan and Azerbaijan due to expanded oil production, as the Organization of Petroleum Exporting Countries and other major oil producers (OPEC+) agreed to gradually phase out 5.8 million barrels per day of production curbs by September 2022. Increased natural gas demand should also help Uzbekistan and Azerbaijan’s net exports and investment growth.