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2016-06-22 18:15:00

WBG BUYS AZERBAIJAN

WBG BUYS AZERBAIJAN

 

AZERBAIJAN OIL GAS MAP

 

AZERBAIJAN OIL GAS MAP

 

WBG wrote, as countries across Europe and Central Asia continue to face challenging economic headwinds, the eastern part of the region in particular is being impacted by the collapse of oil revenues and the associated decline in remittances. Azerbaijan, in the South Caucasus, is one of the countries most affected.

Economic growth in Azerbaijan slowed in the second half of 2015, affected by the continued plunge in oil prices and reduced public investment, which then depressed construction activity. Inflation soared as a result of large manat devaluations, raising concerns about new social vulnerabilities.

With oil prices forecast to remain low, Azerbaijan's growth and fiscal position are likely to weaken further in 2016, posing significant risks. Financial sector vulnerabilities and an underdeveloped macroeconomic policy framework are further adding to the country's challenges.

Against this backdrop of adverse economic developments, World Bank Chief Economist for Europe and Central Asia, Hans Timmer, visited Baku in May, 2016. The main objective of Timmer's visit was to present and discuss the recent Regional Economic Update, Impact of China on Europe and Central Asia.

This two-chapter report provides a macroeconomic outlook for Europe and Central Asia, followed by an in-depth analysis of the impact of China's economic rebalancing on the region. Unsurprisingly, the report and the presentation elicited strong interest from Azerbaijan's government, academia, and civil society.

In Baku, Timmer also met with Azerbaijan's Minister of Finance, Deputy Minister of Economy, Chairman of the Central Bank, and Executive Director of the State Oil Fund. During his various discussions, the Chief Economist proposed a five-point plan to adjust to the new economic environment, including a rethinking of monetary policy.

Recognizing that a broad set of policies is required, Timmer recommended addressing vulnerabilities in the financial sector, securing fiscal sustainability, and facilitating job creation in new, internationally competitive economic sectors.

In conversations with academia, civil society and diplomatic representatives at Azerbaijan Diplomatic Academy University, Timmer argued that the growth model of the 2000s is no longer working and, for new opportunities to be seized, policy responses must address the highly negative impact of collapsed energy prices.

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Earlier: 

WORLD BANK PRICE: $41 

WORLD BANK'S OIL PRICE: $37

 

 

Tags: AZERBAIJAN, OIL, GAS, WBG, WORLD, BANK

Chronicle:

WBG BUYS AZERBAIJAN
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

WBG BUYS AZERBAIJAN
2018, June, 22, 13:05:00

U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

WBG BUYS AZERBAIJAN
2018, June, 22, 13:00:00

EUROPE'S NUCLEAR INVESTMENT : €50 BLN

WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.

WBG BUYS AZERBAIJAN
2018, June, 20, 13:15:00

OIL PRICE: ABOVE $75

REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.

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