IMF: "Azerbaijan will be the only CIS state to experience economic recession in the long term perspective"

The International Monetary Fund has specified terms of economic recession in Azerbaijan, predicted in the report on the state of world economy. The forecast was made with the use of statistical methodology of the Organization of Economic Cooperation and Development.

According to IMF, negative dynamics of Azerbaijan's GDO volume is expected to occur in 2012.

As for the period before 2012, the GDP growth will slow down by galloping rates, but only in 2012 GDP will fall down by 1.7% and in 2012 by another 2.6%. IMF predicts that if in 2007 Azerbaijan's GDP made 23.4%, in 2008 it will not exceed 18.6% and in 2009 will fall down by 15.6% and in 2010 to 4.8% and in 2011 to 1.6%.

Azerbaijan will be the only CIS state to experience economic recession in the long term perspective. The forecast is based on the dependance of the Azerbaijani economy from the oil sector.

Oil production from Azeri-Churag-Guneshli fields will reach its top by 2012.

The forecast authors are also skeptical about the possible initiation of the development of other fields as well as the ability of gas extraction to replace oil production. IMF also does not count on the non oil sector of the country's economy.

/Regnum/