Fitch Solutions forecasts Azerbaijan's GDP growth

  06 April 2024    Read: 671
Fitch Solutions forecasts Azerbaijan

According to a forecast by Fitch Solutions Company, the GDP per capita in Azerbaijan is projected to rise from $8,612 in 2023 to $16,699 in 2033, considering the stability of the exchange rate.

The government of Azerbaijan understands the necessity of diversifying the economy and has plans to implement several measures to mitigate the risk, reports citing the company.

This includes a comprehensive review of non-oil tax policy, the introduction of a flat tax system, and low VAT to support the growth of medium-sized companies.

Additionally, the government has ambitious plans to improve infrastructure, particularly in energy and transport, which will be beneficial to the development of a competitive non-energy sector. Nominal growth of income and consumption will provide further support for the diversification of the economy beyond the oil and gas sector, according to Fitch Solutions.

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