Baku, December 6, AZERTAC
"The weakening pace of growth in the economy of most world countries, and deterioration of macroeconomic indicators have an impact on Azerbaijan's economy as well," said Speaker of the Milli Majlis Ogtay Asadov as he addressed the plenary session of Milli Majlis on Tuesday.
"Previous sharp changes in crude oil prices on the world market and as a result of the fall in the price of oil more than three times the country's foreign exchange revenues grew less than expected. There was a need to make appropriate amendments to the humanitarian policy of the Central Bank. The socio-economic development strategy carried out under the leadership of President Ilham Aliyev made it possible to minimize the negative impact of these processes to the country. Despite the current problems the Azerbaijani economy has maintained its stability."
Ogtay Asadov noted that in accordance with the submitted budget envelope a real economic growth is projected in the country's economy in 2017 and over the next three years. The key factor in this growth will be the further development of non-oil sector by gradually weakening the economy's dependence on oil.
The Parliament Speaker noted that one of the key aspects of the state budget for the next year is the increase in revenues from non-oil sector in line with the Ministry of Taxes and the reduction of transfers from the State Oil Fund.