By BAKU. Nov 7 (Interfax) – The Azerbaijani government has prepared three scenarios for the country’s economic development in 2023, i.e., baseline, optimistic, and pessimistic.
According to the Finance Ministry, GDP will grow 2.7% under the baseline scenario with an average oil price of $50 per barrel. Nominal GDP will total 106 billion manat.
The optimistic scenario has been calculated with a price of $60 per barrel for oil and projects economic growth of 3.3% up to 111.2 billion manat, and the pessimistic scenario puts oil at $40 per barrel and GDP growth at 1.3% up to 99.1 billion manat.
According to the baseline scenario, average annual growth in Azerbaijan’s GDP will total 3.5% per year in 2022-2026. It will total 4.1% under the optimistic scenario and 2.6% under the pessimistic.
According to the ministry, growth in non-oil GDP will total 4.5% in 2023 and nominal GDP will be 73.3 billion manat under the baseline scenario. The optimistic scenario projects 5.6% growth and 75 billion manat and the pessimistic 2% and 69.9 billion manat. Average annual growth in 2022-2026 is projected at 5.4% under the baseline scenario, 6.3% under the optimistic, and 3.8% under the pessimistic.
The country’s GDP rose 5.6% in 2021. The government expects the economy to grow 3.5% in 2022.
The official exchange rate for November 7 is 1.7 manat/$1.
