IMF improves Azerbaijani GDP growth forecast

The International Monetary Fund (IMF) has improved the Azerbaijani GDP growth forecasts for 2011-2012, the IMF noted in its April World Economy Outlook Report published on the IMF website on Monday.

Under the revised IMF forecast, the pace of Azerbaijani GDP growth will reach 2.8 percent in 2011 compared to the October forecast of 1.8 percent. As for 2012 and 2016, Azerbaijani GDP growth will reach 2.5 percent and 2.8 percent, respectively.

Under the IMF forecast, the inflation rate in Azerbaijan in 2011 will hit 10.3 percent compared to the earlier forecast five percent.

As the IMF forecasts, the inflation rate in Azerbaijan will reach 7.5 percent and 5.0 percent in 2012 and 2016.

Under the IMF assessment, Azerbaijan will have a payment balance equivalent to 28.4 percent of the GDP in 2011 and the figure will reach 24.2 percent and 17.2 percent in 2012 and 2016.

The government expects the growth rate in 2011 to reach 3.8 percent, with the nominal GDP value hitting 40.2 billion manat or around $50 billion. The annual economic growth rate in the mid-term period - up to 2014 - is expected to be seven percent.
This year, the inflation rate is expected to reach five percent.

Azerbaijan joined the IMF on Sept. 18, 1992. Its IMF SDR quota is $233.6 million. At present, Azerbaijan only receives technical assistance from the IMF, enjoying no IMF loans.


/Trend/