Azernews.Az

By Aynur Jafarova

The International Monetary Fund (IMF), which comprises 188 countries, has trimmed the outlook on consumer inflation in Azerbaijan in 2014.

The Word Economic Outlook Transitions and Tensions, released by the IMF on October 7, predicts the inflation rate in Azerbaijan at 6.3 percent in 2014, which is 0.4 percent less than the previous forecasts.

According to the IMF estimates, consumer inflation will be 3.7 percent by the end of this year and 6 percent in 2018.

According to the Central Bank of Azerbaijan (CBA), by late 2013 inflation will remain within the framework stipulated in the guidelines of the country's monetary policy and financial stability.

In 2012, the country's inflation rate stood at 1.1 percent.

The IMF forecasts real GDP growth at 3.5 percent in Azerbaijan as of 2013.

According to the report, the GDP growth rate will increase to 5.6 percent in 2014.

"The Azerbaijani and Turkmen governments must abandon their fiscal stimulus to keep inflation at the current level and continue strengthening the efficiency of public spending," it says.

According to the projections, the unemployment rate in Azerbaijan in 2013 and 2014 will remain at 6 percent.

The IMF works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

World Economic Outlook Reports are usually published twice a year. The report presents IMF staff economists' analyses of global economic developments over the short and medium term.