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Azerbaijani government fighting against pandemic amid global economic downturn

31 March 2020 [17:45] - TODAY.AZ

By Trend

The Azerbaijani government is fighting against the consequences of global upheavals and a pandemic in a situation when the world economy is setting new abysmal records, Vusal Gasimli, Executive Director of Azerbaijan’s Center for Analysis of Economic Reforms and Communication (CAERC) said, Trend reports.

Gasimli added that the growth of the world economy has significantly slowed; demand and supply are decreasing; unemployment is growing; a pandemic is threatening humanity, stock and commodity markets; in particular, oil prices, have collapsed and continue to fall.

According to Wood McKenzie’s estimates, the economic downturn will be 4.7 percent in the world, 9.7 percent in the Eurozone, 2.7 percent in China and 8.4 percent in the US.

The expert noted that at best, the global economy will return to previous levels in the third quarter of 2022.

“At the beginning of 2020, no one could have predicted the development of a pandemic, but now, in a short time, the world entered the worst crisis of the 21st century. Azerbaijan was faced with a global shock at the time when the trend of accelerating the growth rate of its economy, which began in 2017, was heading to a high point,” CAERC Executive Director noted.

"President Ilham Aliyev said that we are strong together and urged to mobilize all sectors of the society and all resources to fight the crisis," he stressed.

“Azerbaijan’s anti-crisis program is 2.5 billion manat, which is 3.1 percent of gross domestic product (GDP). For comparison, the Georgian government received a package of assistance in the amount of 1 billion Georgian lari, or 2 percent of the country's GDP. Russia received a package of assistance in the amount of about 300 billion rubles, which is 0.3 percent of its GDP. It is seen that the anti-crisis support program of Azerbaijan is quite large compared to other countries," Gasimli concluded.


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