IMF: Economy of Azerbaijan will grow by 48% in next 5 years

Baku. 13 October. REPORT.AZ/ By 2022 the volume of GDP in Azerbaijan will not reach the maximum level of 2014 year.

Report informs, according to forecasts of the International Monetary Fund (IMF), by 2022, the Azerbaijani economy will continue to grow at a slow pace and reach 58.18 bln USD. However, the record level of GDP in 2014 is 75.19 bln USD which is 22.6% less than the dollar.

According to IMF forecasts, the volume of Azerbaijani economy in 2017 will reach 39.21, 42.81 bln AZN in 2018, 46.2 bln AZN in 2019, 49.81 bln AZN in 2020, 53.72 bln AZN in 2021. 58.18 bln AZN in 2022. That is, the volume of GDP in Azerbaijan in the next five years will increase by 48.3%.

According to the IMF report, GDP will decline by 1% in 2017. From the next year, the economy will start to grow, with real GDP growth of 1.3% in 2018, 3% in 2019, 2.6% in 2020, 3% in 2021, and 3.1% in 2022.

In the next five years, the GDP growth rate in Azerbaijan will be behind the average growth rate of developing countries.