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Azerbaijan faces hard search for new growth drivers

Thursday, April 13, 2017


The government wants to develop non-hydrocarbon sectors to offset the growth and fiscal problems stemming from lower global oil prices. The economy contracted in 2016 for a second consecutive year. Fiscal consolidation and currency devaluation have added to contractionary effects.


  • Efforts to clean up the banking sector will absorb fiscal resources.
  • Confidence in the national currency remains fragile.
  • High levels of dollarisation complicate the execution of monetary policy.

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