Azerbaijan’s net government asset position has remained above 40% of GDP since 2015, Kazakhstan’s net asset position is trending toward balance.

A joint statement at the end of the meeting said the two sides remained committed to the agreements reached after the end of last year’s 44-day “second Karabakh war”.

The renewed violence coincided with efforts to resolve two issues hindering a durable peace between the neighbours – demarcation of the border and an agreement on allowing free transit for Azerbaijan to its exclave of Nakhchivan.

Armenia's GDP growth is expected to reach 5.5 percent in 2021 and 5.25 percent in 2022, while inflation is projected to moderate in 2022 from its recent highs.