Republic of Azerbaijan: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Azerbaijan

Author: International Monetary Fund. Middle East and Central Asia Dept.

Volume/Issue: Volume 2025 Issue 098

Publication date: April 2025

ISBN: 9798229008556

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Inflation , Investments and Securities-General , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Oil , Commercial banks , Oil prices , Fiscal consolidation , Dollarization , Inflation , Fiscal rules , Government securities , Currencies

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Summary

The 2025 Article IV Consultation discusses that following a slowdown in 2023, growth accelerated, and inflation picked up in Azerbaijan. The decline in oil and gas prices reduced the 2024 external surplus, but fiscal consolidation resumed. Looking ahead, growth is projected to moderate and inflation to remain within the Central Bank of the Republic of Azerbaijan target. Risks to the outlook remain broadly balanced but external uncertainty is high. Reduced hydrocarbon prices as a result of higher supply or lower demand could adversely affect growth, external position, and fiscal revenues. The government has outlined export diversification plans that leverages Azerbaijan’s geographic advantages. Reforms to enhance the role of the private sector should continue, including improving the performance of major state-owned enterprises and increasing the participation of the private sector, implementing the anti-corruption strategy, and deepening capital markets.