Economy Minister`s optimistic forecast: GDP fall to be insignificant in 2020


September 24, Fineko/abc.az. The Ministry of Economy of Azerbaijan has revised the forecast on GDP decline by the end of 2020.

"If in May and June of this year we expected a decline in GDP by the end of 2020 at the level of 4.5-4.7%, now our forecast is a decline of 3.5-3.7%," Economy Minister Mikayil Jabbarov said.

According to Jabbarov, forecasts largely depend on whether there will be a second wave of the coronavirus pandemic.

"Since economics and economic activity are directly linked to social activities, they should not and cannot be separated from each other. I urge entrepreneurs to regard seriously the measures taken to prevent the spread of the pandemic," Jabbarov said.

By the end of 2020, the Economy Ministry predicts a decline in GDP at the level of 2.9-4.3%, depending on oil prices at the world markets. In 2021, Azerbaijan's GDP growth is projected at 3.4%.

In 2019, Azerbaijan's GDP growth was 2.2%.