Azerbaijan held grandiose celebrations to mark victory in a brief war to de-occupy territory held for 30 years by Armenia, but a formal peace eludes negotiators and violent incidents still punctuate the region.

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.