Republic of Azerbaijan: 2021 Article IV Consultation-Press Release; and Staff Report

2021 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: Volume 2021 Issue 278

Publication date: December 2021

ISBN: 9781616359591

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Topics covered in this book

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Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , CPI data ROSC , fund Dept , safeguards assessment policy , fund surveillance , transparency policy , International Monetary Fund Washington , d , c , Oil prices , Oil , External sector statistics , Global

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Summary

Azerbaijan faced unprecedented challenges in 2020. The combined COVID-19 and oil price shocks pushed the economy into recession. A sizeable relief package helped cushion the economic impact from this shock, and the economy has started to recover. Yet the medium-term outlook remains subdued. The long-term fiscal position is unsustainable as oil resources are expected to run out by mid-century. The authorities have laid out strategic goals of accelerated yet sustainable socio-economic development over the next decade and are developing policy plans to that end.