Against the backdrop of the COVID-19 pandemic in 2020, the country’s economy declined, and real GDP decreased by 4.3% to 28.62 billion manats.
IMF forecasts that in 2021, the real GDP production in Azerbaijan will rise by 2.3%, and in 2022 – by 1.7% and will amount to 29.21 billion manats and 29.71 billion manats, respectively.
According to the Fund’s long-term forecasts, in 2023, the country's real GDP will exceed 2019 (29.9 billion manats) and will amount to 30.21 billion manats (1.7% more than the forecast for 2022). In addition, the country's economy will grow by an average of 1.8% in 2021-2026.
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