World Standard bank (WB) forecasts the grow of 0.5 to at least one 1 percent of the Azerbaijan’s overall economy in 2018, brain of the bank’s Baku office Naveed Hassan Naqvi said in the exclusive interview with Style.
This season, Azerbaijan’s economy will most likely long term contract between 1 and 1.5 percent, he said.
“Unfortunately, Azerbaijan is extremely dependent on engine oil,” he mentioned. “Nonetheless, engine oil prices decrease and succeeding devaluation of countrywide money created opportunities for other areas of the market to develop.”
He added that, the existing exchange rate will generate conditions for most potential agricultural exporters to be more competitive on different market segments.
The fall season in olive oil prices means that earnings of the Azerbaijani Federal government have dropped, which forced concern for new reforms that will encourage diversification of country’s overall economy, he said.
Azerbaijan is constantly on the focus on various reforms, he observed. “So we have been happy to start to see the Street Map that Authorities has unveiled this season,” he said.
Among other reforms, he also specified the establishment of the Financial Steadiness Council.
Reforms devote some time and it’s prematurily . to inform how effective they’ll be, he said.
He added that, reforms by the Azerbaijani Federal government have the potential to positively impact the country’s current economic climate.
World Bank’s objectives for Azerbaijan’s economical growth are roughly comparable to those of other financial organizations.
Therefore, International Monetary Finance expects Azerbaijan’s current economic climate to diminish by one percent in 2017 and increase up to two percent in 2018. Dutch ING Bank or investment company desires a one percent lower this season and a 1.6 percent upsurge in 2018, Asian Development Standard bank – 1.1 percent lower and a 1.2 percent increase, respectively, and the typical & Poor’s international ranking organization – a one percent cut down and a two percent progress, also respectively.