Renaissance Capital Expects Highest Account Surplus In Azerbaijan Within 9 Years
Date
8/7/2022 10:08:37 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, August 7. The largest account
surplus since 2013 is expected in Azerbaijan in 2022 - above 15
percent of the GDP, Trend reports via economic review from the Renaissance
Capital investment bank.
'We see no major drivers to revise the (fixed) Azerbaijani manat
AZN1.70/$ rate forecast. Global fuel prices' growth supports the
strengthening of the current account of Azerbaijan', the report
said.
In the medium term, financial buffers and abundant accumulated
reserves will provide the basis for financial stability, the bank
said.
According to Renaissance Capital's forecast, Azerbaijan's GDP
growth in 2022 will be 3 percent, which will be largely supported
by the investments in the territories liberated from Armenian
occupation in 2020.
'Increased fiscal sustainability and solid accumulated buffers
should limit downsides, we argue. In coming years, growth should
also be supported by investments ($1.5 billion, or 2.2 percent of
GDP in 2022) directed towards the development of [the liberated]
territories', Renaissance Capital said.
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