Azerbaijan’s external liquid assets exceed external debt, and the net international investment position will average 65% of GDP in 2023-2026.

Report informs citing S&P Global Ratings that while Azerbaijan remains vulnerable to potential terms of trade volatility, its large position in net foreign assets will serve as a buffer that could mitigate the potential adverse impact of economic cycles on domestic economic development.

The agency said that based on its oil price and production forecasts, it expects Azerbaijan’s current account surplus to average 15% of GDP in 2023-2026 after a record current account surplus of 30% of GDP in 2022, the highest ever over the past ten years.