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Fitch: Azerbaijan’s economy to grow by 2,5% next year

Fitch: Azerbaijan’s economy to grow by 2,5% next year

18 July 2020 12:11 (UTC +04:00)

Fitch projects Azerbaijan's real GDP growth to recover to 2.5% in 2021 and 2.8% in 2022 as oil prices and aggregate demand recover but constrained by the impact of low oil prices on oil and gas investments, APA-Economics reports.

Fitch forecasts real GDP growth to contract by 4.2% in 2020 due to the lockdown in major cities and the sharp fall in oil prices.

Asset quality for banks in Azerbaijan will be pressured by the COVID-19 impact and lower oil prices. Banks in Azerbaijan are still recovering from legacy asset quality problems since the 2015 devaluations, but remain weak as reflected by its Fitch Banking System Indicator (BSI) score of 'b'.

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