Middle East > Azerbaijan > Fitch says Azerbaijan among countries benefiting most from commodity boom

Azerbaijan: Fitch says Azerbaijan among countries benefiting most from commodity boom

2016/05/28

A number of key economic and financial ratios in commodity-based emerging markets (CEMs) have by presently returned to pre-boom levels, two years next the sudden end of the commodity boom, says Fitch Ratings in its new World Perspectives commentary.

According to the statement, Azerbaijan has benefited most from the boom part Fitch-rated CEMs since 2003.

"Taking account of economic increase, fiscal performance and external finances since 2003, Bolivia, Peru, Azerbaijan and Cote d'Ivoire benefitted most from the boom part Fitch-rated CEMs, while Bahrain, Gabon, Venezuela and Suriname benefitted the least," the statement said.

According to the statement, emerging-market commodity exporters' fiscal revenue is likely to be $1.3trn lower in 2016 than in 2013.

Median government spending in CEMs has increased by about five % points of GDP since the mid-2000s, but it has been unchanged since 2012, Fitch said.

According to the statement, in contrast, government spending in non-commodity emerging markets (NCEMs) increased by about three % points of GDP before 2012, and again declined by two % points of GDP, implying a stronger policy response even though they were not faced with the same dramatic revenue declines.

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