IMF predicts growth in Azerbaijan’s economy in 2021

By Azernews

By Ayya Lmahamad

Azerbaijan’s economy is forecasted to grow at 2.3 percent in 2021, the International Monetary Fund reported in its World Economic Outlook report for April.

Meanwhile, the national economy is expected to grow at 1.7 percent in 2022.

The forecast for the current year is improved by 0.3 percentage points compared to the previous forecast.

Earlier, the World Bank forecasted the economic growth in Azerbaijan's for 2021 and 2022. In its January review, the bank predicted that the growth in Azerbaijan's economy will be 1.9 percent in 2021 as oil prices stabilize and the economy benefits from investment and spending on the reconstruction of Azerbaijani territories liberated from Armenia's occupation. The World Bank also forecasts Azerbaijan's economic growth to be 4.5 percent in 2022.

Additionally, Economy Minister Mikayil Jabbarov stated earlier that the country’s forecast for the economy for 2021 are more optimistic compared to those of the International Monetary Fund and the World Bank.

“We can say that we forecast a double growth rate. If they forecast a growth rate of between 1.7 and 2 percent, we forecast a 3.4 percent economic growth rate based on the adopted parameters,” he said.

Azerbaijan joined the International Monetary Fund (IMF) on September 18, 1992. Since Azerbaijan's induction into the organization, the IMF has implemented several programs in Azerbaijan that foster economic growth.