Republic of Azerbaijan: Staff Report for the 2014 Article IV Consultation

International Monetary Fund

No 2014/159, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2014 Article IV Consultation highlights that recent economic developments in Azerbaijan have been favorable. In 2013, a stabilization of oil output and strong non-oil growth at nearly 10 percent helped lift overall GDP growth to 5.8 percent. Inflation remained low, averaging 2.4 percent, restrained by soft food prices and a stable exchange rate. The impact of regional market turbulence in early 2014 has been limited, with few signs of lower manat demand or capital flight. Economic prospects over the near and medium term are positive, if underpinned by fiscal consolidation and supported by reforms to spur non-oil private sector activity.

Keywords: ISCR; CR; broad money; exchange rate; private sector; consolidation effort; IMF staff estimate; monetary policy; monetary policy stance; oil economy; banking system; interest rate; current account; External sector statistics; Oil prices; Oil; Commercial banks; Global; Caribbean (search for similar items in EconPapers)
Pages: 58
Date: 2014-06-11
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