Fitch Ratings regularly analyzes and reports the economic condition across countries. To wit, the Q3 2019 report that covered 22 Southern European and FSU countries maintains Azerbaijan’s positive position, with a BB+ grade indicative of a stable growth rate.

It is truly heartening that Azerbaijan therefore holds the first place among South Caucasus countries, Financial Market Supervisory Authorityof the Republic Of Azerbaijan told APA-Economics.

Per the agency’s assessment, Azerbaijan’s high rating is driven in part by the country’s ability to maintain a balance in foreign economic and trade relations, while also keeping the public debt in check. The government’s fundamental macroeconomic, financial, tax and social reforms have caused consumer borrowing to reduce, social issues to become a matter of focus, while positive financial and tax regulation trends helped keep inflation in check and bring down the dollarization levels, and, in broader terms, the country has developed a capacity to withstand external economic shocks and respond effectively to potential global crises. Furthermore, the recovery and NPL resolution efforts in the banking sector have fostered the sector restructuring, capitalization and lending operations.

Fitch Ratings’ assessments also assign a special role to the government-developed and supported business climate with an aim to diversifying the economy and reducing the country’s oil dependency, which contributed significantly to the strengthening of the country’s overall position.