Finance

Home page

Finance

Azer Amiraslanov: IMFâ€™s report does not mention any crisis or downturn in Azerbaijan in 2012-2013

31 July 2008 15:27 (UTC +04:00)

Baku. Rashad Suleymanov â€“ APA-Economics. â€œFinancial crisis is not expected in Azerbaijan in 2012-2013, on the contrary these years will be characterized by the reinforcement of the countryâ€™s financial supports and increase of paying capacity,â€ deputy chairman of the parliamentâ€™s standing commission on economic policy Azer Amiraslanov said while taking a stance on the forecasts of the International Monetary Fund (IMF) that the next five years will be characterized by the economic crisis in Azerbaijan, APA-Economics reports.
â€œIt is completely groundless to manipulate with the forecasts made by the financial institutions on pessimistic scenario, form incorrect opinion that Azerbaijanâ€™s economy will weaken and this will even cause economic crisis,â€ he said.
According to the forecasts of IMF, economic growth rate will fall by 1.6 percent in 2011, in 2012-2013 GDP growth is forecasted to fall by 1.7 â€“ 2.6 percent.
â€œThe forecasts on gradual fall of the growth rate are natural. Similar forecasts had been made by Azerbaijani government before IMF and they were included into the budget package,â€ he said.
Azer Amiraslanov said that it is possible to see quality changes in the economic growth in the medium term prospective in the forecasts of both the government and IMF.
â€œFor example, the share of oil sector, which made up 59% of the GDP in 2007, will reduce by 47% in 2011. According to the forecasts of IMF, in 2008 non-oil sector will increase by 9%, strategic foreign exchange resources will make up $25bn,â€ he said.