BAKU, Azerbaijan, June 5
By Fidan Babayeva – Trend:
Azerbaijan’s economy has all prospects for a complete recovery in the coming years, economic expert, tax specialist Farid Guliyev told Trend.
The introduction of a temporary tax regime and the significant change in the economic situation caused by the coronavirus pandemic (COVID-19) will encourage businessmen to invest in the construction sector, the petrochemical industry, and in the development of the digital economy and agriculture in the post-pandemic period, said Guliyev.
“Revenues to the state budget will increase due to the achievement of the goals set for the development of these areas in the post-pandemic period. Economic recovery can also be stimulated by public and private investment in mining, domestic tourism and manufacturing sectors,” he said.
“These changes will begin to have a positive effect on the economic growth rate from the third quarter of 2020. In general, a full economic recovery can be expected in the coming years,” noted the expert.
“After a pandemic, countries will seek not to enter foreign markets, but to develop local production. This year, the country's foreign economic activity will also be stimulated by the exemption from taxes on the export of goods and from 75 percent of taxes in certain coronavirus-affected areas,” Guliyev added.
“The foreign economic relations of Azerbaijan during the pandemic, as in other countries, were suspended. However, the restoration and development of relations with the help of a flexible strategy, can be expected in the near future,” Guliyev emphasized.
---
Follow the author on Twitter: Fidan_Babaeva
