Azerbaijan names growing economic activities despite COVID-19 pandemic

Azerbaijan recorded growth in the non-oil industry, production, distribution, and supply of electricity, gas, and steam, agriculture, ICT despite the recession in such sectors as tourism, catering, construction, and oil production amid the COVID-19 pandemic, Vusal Gasimli, CEO of the Center for Analysis of Economic Reforms and Communications (CAERC), said, Trend reports on Dec.30.

According to Gasimli, the growth of the non-oil industry in Azerbaijan by more than 10 percent in 2020 against the background of a 10 percent decline in the global industry is commendable.

“In general, the measures of economic support taken by the state during the pandemic, as well as reforms to improve the business environment in recent years, will contribute to the recovery process in 2021 in some sectors of the economy experiencing the recession,” he noted. “Besides, in 2020, work began on recovery and reconstruction in the liberated (as a result of 44-day war from late Sept. through early Nov.2020 from Armenian occupation) territories of Karabakh region. Next year, a lot of work will be done to restore economic activity in the territories and return the IDPs there.”

As the CEO pointed out, the state budget for 2021 can be characterized in the context of supporting reconstruction and economic growth.

“In 2020, investments in fixed assets from internal sources showed a decline and at the same time increase from external sources. In accordance with the target of the Azerbaijani economy for the next 10 years to double its growth, the increase in capital investments continues to be the main challenge,” added Gasimli.