BAKU, Azerbaijan, January 12. Fitch Solutions international agency predicts that the growth rate of the Azerbaijani economy will exceed the historical average in 2023, Trend reports via the agency.
"As such, we continue to expect the Azerbaijani economy to outperform in terms of growth in 2023 relative to the historic 10-year average of 1.3 percent recorded between 2011 and 2021," said the agency.
"Global energy prices spiked in 2022 following the invasion of Ukraine by Russia. Along with this, the reduction of energy problems in Europe will also affect the short-term growth of the Azerbaijani economy," the agency added.
Fitch predicts that the price will average $95 compared to $102 per barrel in 2022, and the price of natural gas will decrease from an average of 133 euros in 2022 to 125 euros.
"We believe that energy prices will still remain above pre-pandemic levels, and the Azerbaijani economy will only profit from this," said the agency.