Azerbaijan's measures against COVID-19 led to economic growth in 2021 - minister

Economy Materials 23 December 2021 14:05 (UTC +04:00)
Azerbaijan's measures against COVID-19 led to economic growth in 2021 - minister

BAKU, Azerbaijan, Dec. 23

By Sadraddin Aghjayev - Trend:

Measures taken in Azerbaijan in 2020 to prevent the spread of COVID-19 have led to economic growth this year, Minister of Economy Mikayil Jabbarov said, Trend reports on Dec. 23.

According to Jabbarov, during the COVID-19 pandemic, past year, a program was developed to support the employment of the population, within which the state provided financial support to employers. Moreover, about one million manat ($588,200) was allocated to small and medium-sized businesses, and the volume of loans under state guarantees was increased.

“Our main task was to preserve jobs, ensure the stability of the business and minimize the impact of the pandemic on certain sectors,” he noted.

The minister also noted that the rate of growth of Azerbaijan's GDP this year exceeded the forecast figure of the ministry.

"By the end of 2021, our forecast was at 3.4 percent, international financial organizations were skeptical about this figure - their forecast was not higher than 1.7 percent. However, in the first 11 months, the growth rate of the Azerbaijani economy reached 5.3 percent. Naturally, international organizations have already updated and raised their forecast. In the non-oil sector, growth rates are even higher - 6.4 percent," Jabbarov further said.

Besides, according to him, the main driver of GDP growth is the non-oil industry, tax incentives, investment promotion, commissioning of industrial parks in the country's regions, a stable business environment and simplified licensing of activities, expansion of subsidies and the issuance of soft loans.

"Since the beginning of the year, in the non-oil sector, an increase in production by more than 20 percent and in exports - by 44 percent has been recorded by us. We forecast that by the end of the year, the non-oil exports will amount to $2.6 billion. For the entire period of our non-oil exports, these indicators haven’t exceeded $1.9 billion. Today we have reached a record value. Moreover, the strategic foreign exchange reserves of Azerbaijan exceed $53 billion," he added.


Follow the author on Twitter: @agdzhaev