S&P Global Ratings forecasts Azerbaijan’s economy to grow by 2.7% in 2022 following a strong 5.6% recovery in 2021, Report informs, citing the Agency.

“We forecast average annual growth at a modest 1.3% over 2023-2025. However, medium-term growth prospects are weaker as oil production is declining due to ageing oil fields while rising gas exports will likely only partially offset this trend,” the Agency said.