BAKU, Azerbaijan, October 10. Recent data from the International Monetary Fund (IMF) underscores Azerbaijan's leading position in the South Caucasus region, with the lowest unemployment rate, Trend reports.
IMF's statistics paint a favorable picture for Azerbaijan's employment landscape.
According to the October IMF report, Azerbaijan's unemployment rate is anticipated to remain at a steady 5.9 percent by the conclusion of 2023, maintaining the same level observed in 2022. Looking ahead to 2024, this figure is expected to further decrease to 5.8 percent.
In an earlier assessment conducted in April, the IMF had projected a 5.8 percent unemployment rate for both 2023 and 2024. Therefore, the IMF has adjusted its unemployment forecasts for Azerbaijan in 2023, reflecting increased optimism about the country's employment situation.
In contrast, the IMF has revised its forecasts for unemployment in other South Caucasus countries. In Armenia, the unemployment rate for 2023 has been raised from 12.5 percent to 13.5 percent, with a similar increase projected for 2024, from 13 percent to 14 percent.
Meanwhile, in Georgia, the IMF predicts an unemployment rate of 18.4 percent by the close of 2023, with a slight uptick to 18.6 percent in 2024. These figures represent adjustments from the April report, which had estimated unemployment rates of 19.5 percent and 20.2 percent for the respective years.
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