ADB predicts rapid growth in Azerbaijan's exports

An increase in domestic demand will stimulate the growth of imports, but more rapid development of exports is projected, reads the April issue of the Asian Development Outlook (ADO) 2021: Financing a Green and Inclusive Recovery of the Asian Development Bank (ADB), Report informs.

“Azerbaijan’s external position over the next 2 years will depend on hydrocarbon prices. The current account is forecast to return to surplus, equal to 3.9% of GDP in 2021 and 5.5% in 2022, as oil prices and petroleum output revive. All exports - notably petroleum, fruit, vegetables, and cotton - are projected to grow by 29.2% in 2021 and 0.7% in 2022. Imports are projected to increase by 9.2% in 2021 and 2.7% in 2022 as recovery raises incomes and consumer spending,” the bank said.