BAKU, Azerbaijan, November 4. Expected trends
in the global and domestic economic environment must be taken into
account when defining macroeconomic policy priorities in Azerbaijan
for 2027, the Governor of the Central Bank of Azerbaijan (CBA),
Taleh Kazimov, said today during a meeting of the parliamentary
Committee on Economic Policy, Industry and Entrepreneurship, where
the draft law "On the State Budget of Azerbaijan for 2027" was
discussed.
He noted that, according to the latest forecasts by the
International Monetary Fund (IMF), global economic growth in 2027
is projected to be 3.4%, a figure below the historical average of
3.7% recorded from 2000 through 2019.
"Global inflation is expected to reach 4.1%, an upward revision
of 0.2 percentage points compared to the previous forecast. While
uncertainties and challenges persist within the global economic
environment, Azerbaijan’s economic growth outlook remains
optimistic. Based on the Central Bank’s October forecasts, the
country’s GDP is expected to grow by 2.3% in 2027, with
non-oil-and-gas GDP projected to expand by 4.3%.
For the coming year, a favorable position in the external sector
is expected to be maintained, with a current account surplus
projected at $5.4 billion. This is of significant importance for
supporting equilibrium in the foreign exchange market.
Annual inflation is expected to remain within the target range.
According to the Central Bank’s October forecasts, based on its
baseline scenario, annual inflation is projected to be at a level
of 5.9% by the end of 2027," he added.
