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Sovereign Wealth Funds Briefing - Categorized | Market, Reserve Currencies

ADB sees non-oil sector as Azerbaijan’s major driver of growth in 2013

Posted on 04 June 2013

The Asian Development Bank forecasts that Azerbaijan’s non-oil sector will be the major driver of growth in 2013 and the next few years. In its ‘Asian Development Outlook 2013: Asia’s Energy Challenge’ report, the bank said that growth is forecast to accelerate to 3.1% in 2013 and climb further to 4.8% in 2014, mainly because of public spending outside the oil sector and, in 2014, some increase in oil production.
“The State Oil Fund transfers should continue to provide about 60% of budget revenue. Salary increases, social development spending to support minimum living standards, the payment of pension plans inherited from the Soviet Union, and public investment outlays will be the main drivers of government expenditure in 2013,” the report reads……………………………………….Full Article: Source


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