BAKU, Azerbaijan, April 27. The upgrade of forecasts on Azerbaijan's macroeconomic indicators for 2022 in the April review of the International Monetary Fund (IMF) is primarily due to the acceleration of the recovery of the Azerbaijani economy, the IMF told Trend.
According to the IMF, a successful vaccination campaign and a decline in COVID-19 infection rates in Azerbaijan also helped improve the prognosis.
"Another factor which accelerated the growth of the Azerbaijani economy and influenced our forecast is high oil prices, which will provide even greater economic growth in the short term," added the IMF.
According to the IMF’s upgraded forecast, the surplus in Azerbaijan's balance of payments will amount to 37.2 percent of GDP, the Azerbaijani economy will grow by 2.8 percent, and the country’s GDP will stand at $54.73 billion in 2022.
