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Azerbaijani President: "Coronavirus is a major blow to the country's economy"

31 March 2020 08:09 (UTC +04:00)

"Of course, coronavirus is a major blow to the country's economy too. In January-February, our economy developed at a very fast pace. Suffice it to say that economic growth in the non-oil sector is 6.7 percent. This is one of the highest indicators on a global scale. Industrial production in the non-oil sector has increased by 21.7 percent," President of the Republic of Azerbaijan Ilham Aliyev said at the inauguration ceremony of “Yeni klinika" medical institution in Baku, on March 28, 2020, APA report.

"I think this is also a record indicator. Inflation is at 2.8 percent and household incomes have increased by 9 percent. In other words, this growth significantly exceeds inflation. The average wage has also significantly increased. The number of visitors to Azerbaijan increased by 18 percent in January-February. It should also be noted that in the last five years the number of tourists has consistently increased. Today, all this has been paused. Of course, in the current circumstances, all countries are facing great economic difficulties. Heads of state and government of developed countries have openly stated that this disease will lead to a very serious crisis. At the same time, leading international financial institutions also openly declare that this disease, the consequences it has already caused and its future implications will be more severe than the crisis of 2008-2009. The global economy has been hit hard. In addition, oil prices have reduced by more than in half and are now at $24. Of course, this will lead to major losses for us. However, I believe that the work done on the basis of our previous decisions will allow us the opportunity to come out of this test with dignity.

But everyone should understand that the world has entered a new period. No-one knows how long this will continue. No-one knows how long the disease will last. I think that all forecasts are conditional. How will consequences of this disease manifest themselves? We do not know this either because we are at the initial stage of the disease and should protect ourselves as much as we can,' the head of state emphasized.