The IMF has published its Article IV concluding statement on Azerbaijan, where it forecasts growth this year of 3.5%, down from 4.1% last year, though higher than previous expectations. It expects inflation to remain within target, and the banking sector to remain resilient, while arguing that further fiscal consolidation is required. Further, in Q1 2025, Azerbaijan’s non-oil exports rose 14.7% YoY, amid government efforts to diversify the economy away from reliance on energy.