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Azerbaijan’s quick response to crisis caused by pandemic to ease economic recession

Economy Materials 16 July 2020 15:00
Azerbaijan’s quick response to crisis caused by pandemic to ease economic recession

BAKU, Azerbaijan, July 16

By Fidan Babayeva – Trend:

The oil exporters in the Caucasus and Central Asia (CCA) are also projected to experience a slightly deeper downturn (–1.1 percent vs. – 0.8 percent) in 2020, but much less pronounced than the revisions for oil exporters in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP), Trend reports referring to the Regional Economic Outlook Update report on the Middle East and Central Asian region published by the International Monetary Fund (IMF).

This is driven by the region’s countries rapid and strong crisis response (Azerbaijan, Kazakhstan), smaller oil production cuts under the OPEC+ agreements, and more diversified economies. In addition, non-oil commodity producers benefited from the increase in gold prices (Kazakhstan, Uzbekistan), and favorable weather and price liberalization boosted agricultural output in Uzbekistan.

In accordance with the IMF expectations, the GDP of oil and gas exporters in the CCA region will decrease by 1.1 percent while the economic decline will reach 7.3 percent in MENAP region in 2020.

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