UN report: Rising oil prices to boost revenues for Azerbaijan and Kazakhstan

According to a United Nations (UN) report on the world economy, rising oil prices since the beginning of 2024 are expected to bolster revenues for Azerbaijan and Kazakhstan.

The report, as cited by APA, highlights a significant decrease in the inflation rate in both countries this year.

Additionally, the report underscores that other economies in the Caucasus and Central Asia are benefiting from the relocation of Russian businesses and increased opportunities for re-exports to the Russian market.

However, the anticipated tightening of rules for hiring migrant workers in Russia may lead to a reduction in the flow of remittances and put pressure on domestic labour markets in the region.