The bank’s representative noted that the economic recovery in Azerbaijan is based on the assumption that oil and gas production will pick up once the expansion of Shah Deniz gas field comes on board.

"Azerbaijani government has launched large scale reforms to develop the non-oil sector and these efforts are expected to stimulate growth in agriculture and services sector. The current account is projected to realize a huge surplus equivalent to 5.9 percent of GDP underpinned by widening of trade balance and shrinking of services deficit," said the source.

Government efforts to strengthen agriculture and agro-processing and stimulate non-oil exports would catalyze the economic growth, said the source.

The ETDB representative noted that as a result of sound economic policy and economic reforms conducted in recent years, the country is expected to register favorable development results.

The ETDB was established in 2005 with its headquarters located in Istanbul, Turkey. The bank started its operations in 2008.

Azerbaijan became a member of the bank with a 2.98 percent share in 2013.

Masaim Abdulalyev,

“Khalq qazeti”