Republic of Azerbaijan: 2016 Article IV Consultation-Press Release; Staff Report; and Informational Annex

International Monetary Fund

No 2016/296, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2016 Article IV Consultation highlights that the economic performance in Azerbaijan has been impaired by a number of negative shocks. Lower oil prices, weak regional growth, currency devaluations in its main trading partners, and a contraction in hydrocarbon production rapidly erased the large current account surplus the country enjoyed during the oil boom years. Near-term economic prospects remain weak. Under current policies, growth is expected to contract in 2016 and remain sluggish in the next few years, while inflation is expected to gradually decrease. The current account balance should improve as the devaluations work to limit imports and support nontraditional exports.

Keywords: ISCR; CR; center; IMF staff estimate; regime; managed float; devaluations work; handling ADB affair; policy buffer; capital expenditure project; data dissemination practice; exchange rate framework; exchange rate; manat base money; External sector statistics; Oil prices; Credit; Oil; Global; Central Asia; Southern Europe; Asia and Pacific; Caribbean (search for similar items in EconPapers)
Pages: 83
Date: 2016-09-14
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