BAKU, Azerbaijan, July 15. There is a lot of speculation today that the world economy will be in recession. That is, influential international institutions, financial institutions are talking of a recession as an inevitable fact, President of the Republic of Azerbaijan Ilham Aliyev said addressing the meeting dedicated to the results of six months of this year, Trend reports.
"We must also be prepared for that. Economic development, the solution of social issues, army building in Azerbaijan, the restoration of Karabakh, giant infrastructure projects, transport, energy projects, stability, calm – everyone takes this for granted, so to speak, and this is very good. I am very glad that everyone sees it this way, and this should be the case. But what needs to be done to ensure this? Some don't see it or don't want to see this. We are living at our own expense. No-one is helping us, never has helped and never will. Therefore, we are creating our own life. We do not interfere in anyone's affairs, but at the same time we will not let anyone interfere in our affairs either. Let me say this again: economic independence is the cornerstone of political independence.
Our foreign trade has also significantly increased – by more than 70 percent. Our exports have more than doubled. Non-oil exports have grown by more than 25 percent. In six months, the positive balance of foreign trade amounted to $12.1 billion. All these figures can be a source of pride for any country. On 1 July last year, our external public debt accounted for 16.6 percent of the gross domestic product. This can be considered one of the best results on a global scale – in fact, it is," the head of state said.