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Liberation of Azerbaijani territories forms new economic reality

Business Materials 18 January 2021 17:54
Liberation of Azerbaijani territories forms new economic reality

Baku, Azerbaijan, Jan.18

By Fidan Babayeva – Trend:

Liberation of Azerbaijan's territories from occupation in 44-day war (from late Sept. through early Nov.2020) led to the emergence of new economic reality for the country, Arzu Huseynova, acting director of the Research Institute for Economic Reforms under the Ministry of Economy, told Trend on Jan.11.

According to Huseynova, in general, 2020 was economically difficult, not only for Azerbaijan, but also for the whole world.

"So, a new type of coronavirus, which appeared a year ago in China, quickly spread throughout the world and negatively impacted the economies of the world countries, including Azerbaijan,” she said. “However, amid negative socio-economic events caused by the aftermaths, 2020 will be remembered as a historically important year for the country because its lands occupied by Armenia for long years had been liberated".

As the director noted, the economic results caused by the pandemic in the past year have decreased in the country's GDP from January through November 2020 by 4.3 percent compared to the same period of 2019.

"During the 11 months, the country's non-oil GDP has decreased by 2.9 percent, and the volume of the non-oil production grew by 11.4 percent to 33.4 billion manat ($19.6 billion)," she said.

In 2020, the export of the non-oil sector of Azerbaijan amounted to over $1.8 billion, and the share of the non-oil sector in the country's total exports - 13.47 percent.

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