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.
