An increase in domestic demand will stimulate the growth of imports, but more rapid development of exports is projected, reads the April issue of the Asian Development Outlook (ADO) 2021: Financing a Green and Inclusive Recovery of the Asian Development Bank (ADB), Report informs.
“Azerbaijan’s external position over the next 2 years will depend on hydrocarbon prices. The current account is forecast to return to surplus, equal to 3.9% of GDP in 2021 and 5.5% in 2022, as oil prices and petroleum output revive. All exports - notably petroleum, fruit, vegetables, and cotton - are projected to grow by 29.2% in 2021 and 0.7% in 2022. Imports are projected to increase by 9.2% in 2021 and 2.7% in 2022 as recovery raises incomes and consumer spending,” the bank said.