"Azerbaijan's economy has recovered significantly, thanks to the easing of quarantine measures due to significant progress in vaccination, as well as strong growth in the hydrocarbon sector,"  News.Az quotes Chad Steinberg, the new head of the International Monetary Fund (IMF) mission on Azerbaijan.

"At the same time, inflation rose in 2021, mainly reflecting the impact of rising global food prices and other external factors, as well as adjustments in some regulated prices. Inflation is likely to remain high in the near term. Given recent geopolitical events, risks and uncertainties have increased. On the positive side, if the recent significant decline in COVID-19 cases persists, it would mitigate one of the potential risks to the country's future economic outlook," Steinberg said.

The Monetary Fund expects Azerbaijan's economy to grow by 1.7% and non-oil GDP to grow by 2.5%.

News.Az