Fitch Ratings announced its assessment of the Azerbaijani economy.
In a statement made by the credit rating agency, it was reported that Azerbaijan’s long-term foreign currency credit rating was upgraded from “BB+” to “BBB-“, while the outlook for the rating was “stable”.
The statement said that the rating upgrade reflects the country’s strong external balance sheet, ongoing current and fiscal surpluses, decreasing foreign exchange vulnerability, low public debt and improving monetary policy.
It was stated in the statement that annual inflation in the country remained below the central bank’s 4 percent target in the first half of this year, and that inflation is expected to be 3.5 percent on average this year.
The statement said that economic growth is expected to recover to 3.2 percent with the slower decline in oil production and the positive effects of the reconstruction of Karabakh, and that growth is expected to slow down to 2.7 percent in 2025 and 2.3 percent in 2026.
