Growth Outlook Remains Favourable

We hold to our core view that the Azerbaijani economy will grow by 5.9% in 2011, compared to 5.0% in 2010. Although elevated oil prices will see net exports make a strong contribution this year, over the medium term we expect consumption and investment to become increasingly important drivers of growth. Corruption and the potential for regional tensions to disrupt trade are the main risks to our forecasts.

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