Baku: Azerbaijani economy shows resilience, Deputy Economy Minister says. “Against the background of the ongoing war between Russia and Ukraine, interest rate hikes by major central banks, and increasing fiscal risks, the global economic risks are rising,” Deputy Minister of Economy of the Republic of Azerbaijan Samad Bashirli said during a discussion on the “State Budget of the Republic of Azerbaijan for 2025” draft law at a meeting of the Milli Majlis Committee for Economic Policy, Industries, and Enterprising, APA reports.

According to Azeri-Press News Agency, the Minister emphasized that the main recommendation from the International Monetary Fund is for the Central Bank to gradually shift to a softer monetary policy and implement fiscal consolidation measures to enhance budgetary sustainability. “The Azerbaijani economy has shown resilience in recent years and this year as well. Taking into account the expected economic growth rate for 2024, a 14.4% increase in real GDP is expected in the country. Per c
apita GDP is expected to be around 7,200 USD by the end of this year. The country’s financial security cushion has reached 73 billion USD, which is in line with the expected GDP level for the current year. In recent years, the transparency of the economy is also being observed.”