IMF forecasts 9% growth in non-oil sector in Azerbaijan this year
The International Monetary Fund (IMF) has forecasted 9% growth in non-oil sector in Azerbaijan in 2013, head of the IMF mission to Azerbaijan Raja Almarzogi said at a press conference in Baku.
The IMF mission visited Azerbaijan for consultations with the government of the country in accordance with Article IV of the Charter Fund dated February 27 - March 12.
"It is projected that the country's GDP will increase in 2013 by 4.5%," said Almarzogi.
The head of the mission said that over the past 10 years, the economy of Azerbaijan has become one of the fastest growing in the world.
"Most of this success has been achieved thanks to oil revenues. We believe that today the income generated from the sale of oil and gas should be directed to the non-oil sector of the economy. You also need to reduce the level of public investment during the development and improvement of the business environment, which will lead to an increase in private investment and non-oil exports," the mission's head said.
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