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Republic of Azerbaijan: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Azerbaijan

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  • International Monetary Fund

Abstract

This 2019 Article IV Consultation with the Republic of Azerbaijan highlights that the economy is continuing to recover from a banking crisis and recession. Looking ahead, economic growth is expected to reach 2.7 percent in 2019 on strong hydrocarbon production and robust domestic demand, benefitting from new spending measures. Gradual and growth-friendly fiscal consolidation is needed to strengthen intergenerational and precautionary buffers while mitigating the adverse impact on the economy. Consolidation could rely on prioritizing and improving the efficiency of spending, rationalizing tax policy, and improving revenue administration. Reducing administrative burden for businesses, encouraging competition, and strengthening governance and transparency would reduce the cost of doing business, foster entrepreneurship, and attract foreign capital. Prioritizing investment for healthcare and education, improving its efficiency, and better targeting of social protection would help nurture human capital and improve productivity. Addressing governance weaknesses is essential to reduce vulnerabilities to corruption. More integrated policies, along with better data availability, would support decision making and credibility, and attract investment.

Suggested Citation

  • International Monetary Fund, 2019. "Republic of Azerbaijan: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Azerbaijan," IMF Staff Country Reports 2019/301, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2019/301
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=48684
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    Cited by:

    1. Gatien Bon & Gong Cheng, 2021. "Understanding China's role in recent debt relief operations: A case study analysis," International Economics, CEPII research center, issue 166, pages 23-41.
    2. Marta Halina Gebska & Piotr Lewandowski, 2022. "Geoeconomic Leaders Among the Three Seas Initiative Countries. Part 2: Research Results," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 113-132.
    3. Kireyev, Alexei & Leonidov, Andrei, 2021. "Twin trade shocks: Spillovers from US-China trade tensions," International Economics, Elsevier, vol. 167(C), pages 174-188.

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