S&P said that several risks to the recovery remained relevant, including if pandemic consequences linger, persistent inflation and higher interest rates, a change in current commodity price trends, and geopolitical tensions.

Gross domestic product (GDP) grew 4.9 percent in January-October this year from a year earlier mainly backed by the growth in the non-oil sector.

The construction of new, high-efficiency gas power stations, which would replace older and less efficient assets, is an important modernization step that complements the early growth of renewable energy.

Ukrainian engine manufacturer Motor Sich has won an order to provide components for 30 AI-450T turboprop engines used on Turkey’s advanced Akinci strike drone.