“Azerbaijan’s GDP growth slowed to an estimated 1.4% in 2023 and is expected to record only modest gains over the next two years,” was noted in the report of Fitch Ratings international rating agency, APA-Economics reports.
However, Fitch considers that Azerbaijan’s current account surplus will remain in double digits in 2023-2025: “On the positive side, Azerbaijan’s current account surplus will remain in double digits in 2023-2025, leading its net sovereign asset position to increase to 72% of GDP by 2025.”
In addition, the agency noted that higher-than-budgeted oil prices and non-oil revenue growth will keep Azerbaijan’s consolidated budget in surplus over the same period.
Fitch added that government debt/GDP is low for all the region’s FMs and is expected to remain relatively stable over the next two years: “Government debt/GDP will reach a forecast 44.3% in Armenia, 22.2% in Azerbaijan, 38% in Georgia, and 35.5% in Uzbekistan, in 2025.”
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