Azerbaijan's economy to grow by 2%

Azerbaijan's economy will return to stable growth only in 2018, when the economy will then see 1-2% annually growth through 2020, said in the "Frontier Group Strategy" consulting company's report.

In terms of public demand, the government has formed a conservative 2017 budget based on an oil price of $ 40/bbl and is committed to cutting spending, which will fall by 5% annually in nominal terms, company said.

The government has instituted an import substitution policy that increases customs duties on certain products.