Azernews.Az

BAKU – The International Monetary Fund (IMF) has predicted Azerbaijan’s economic growth in 2011 at 1.8 percent, the lowest in the Central Asia and Caucasus regions.

For comparison’s sake, the economies of energy exporters Kazakhstan and Turkmenistan are expected to grow 5.1 pct and 11.5 pct respectively.

Economic growth in Armenia, which imports energy resources, is projected at 4.6 pct, while Georgia, Azerbaijan’s other South Caucasus neighbor, will see its economy grow 4 pct, the IMF said.

The IMF’s World Economic Outlook report said Azerbaijan’s government is the wealthiest in the region and this will still be the case next year. While other regional countries grapple to balance their budgetary revenues and expenses and often face budget deficit, Azerbaijan’s fiscal balance is estimated at 13.9 pct of the gross domestic product in 2010 and at 14.4 pct in 2011.

The figures will make up only 3.9 pct in Armenia, 4.5 pct in Georgia and 2 pct in Kazakhstan.

The IMF predicts oil prices at the current level of $80 a barrel next year.

Assessing the overall economic situation in Central Asia and the Caucasus, the Fund said economic revitalization is gaining ground in these regions, with average economic growth increasing to 5.75 pct this year from the 2009 level of 3.5 pct. In 2011, the figure is projected at 5.4 pct.