BAKU, Azerbaijan, April 4. According to analytical materials from Fitch Solutions Group, the significance of hydrocarbons for Azerbaijan's GDP is expected to remain high throughout the forecasted period of 2023-2033, Trend reports.
"Throughout the 10-year forecast period until 2033, energy exports are projected to continue playing a pivotal role in bolstering Azerbaijan's economic growth," the documents noted.
Fitch Solutions analysts anticipate that Azerbaijan's economic growth rate will be more sustainable over the next ten years, with the economy growing at an average rate of 3.1 percent, up from 1.7 percent in 2012-2022.
"The country's energy reserves, particularly natural gas, will remain the dominant growth driver over the next decade, and Europe will consume more Azerbaijani energy," specialists from this analytical firm think.
Furthermore, Fitch Solutions stated that the Azerbaijani government will continue to diversify its economy in the next few years, with an emphasis on the tourist, agricultural, and transportation sectors.
Fitch Solutions, founded in 2008, provides a variety of fixed-income products and professional development services to financial professionals. The company also offers Fitch Ratings' unique credit ratings, research, financial data, and analytical tools.
