Baku. 24 May. REPORT.AZ/ According to research by international rating agency Moody's, among the CIS countries Azerbaijan, Russia and Kazakhstan most adversely affected by lower oil prices.
Among these three countries Azerbaijan is the most dependent on hydrocarbons.
According to the agency forecasts, the average rate of economic development in Azerbaijan in 2017-2019 years was 1.2%, Russia - 1.5%, Kazakhstan - 1.7%.
"By the end of the year the budget deficit is projected to rise from 5% in 2015 to 13% in Azerbaijan.
Public debt to GDP ratio increased from 11% in 2014 to 28% in 2015. In 2016 it is expected to increase up to 30% and stabilize at this level.The budget deficit will not be covered by new borrowings and assets of the State Oil Fund," said the agency.
However, it is expected Azerbaijan's debt burden will increase in the future due to the fact that part of the budget deficit is covered by borrowings.