Head of Azerbaijani Mission of the International Monetary Fund made a report at ASUE
Expressing his views on the world and regional economic processes the International Monetary Fund’s Mission Chief, a well- known economist Raja Almarzogi has made a forecast in his report on “The Caucasian and Central Asia Regional Economic Prospect”.
According to the IMF’s forecast, there will not be serious changes in oil prices in 2015. But by 2019 the price of the black gold on the world market will reach 75-79 US dollar. Fund forecasts the global market decreasing in natural gas, metals and food products will continue this year. Raja Almarzogi see the main reason for this decrease of demand in shale and crude oil production. A well- known expert has also commented the processes taking place in the regional economy. He noted that, decrease in oil price has made risks for economic development. In particular, the decay process which occurred in the Russian economy recently, has a significant impact on regional export- import operations. US monetary policy, particularly the strengthening of dollar is also having impact.
The Azerbaijani Mission Chief of IMF Raja Almarzogi has also delivered his recommendation to protect against risks. According to him, there is a need for the regulation of costs in the region, to encourage and stimulate the private sector. Raja Almarzogi recommended strengthening of the monetary policy, a flexible exchange rate, financial stability, to carry out structural reforms and improve the service sector to achieve the medium- term economic growth.
ASUE Rector, Prof. Adalat Muradov noted that, the I European Games to be held in our country will contribute to the development of Azerbaijan economy, especially private sector.
Afterwards, ASUE economists expressed their opinion on the report “The Caucasian and Central Asia Regional Economic Prospect” by the International Monetary Fund.