Useful comment about oil price by economist Samir Aliyev

17:42 - 4.03.2020


March 4, Fineko/abc.az. The opinion that the Azerbaijani economy is immune to limiting oil below $30 per barrel reminded me of the government's behavior in 2015. At a time when there were heated discussions in Russia and Kazakhstan, our people advertised the strength of the manat.

ABC.AZ reports that the above-said statement was made by expert economist Samir Aliyev, mentioning this period and noting that as a result, everyone received a blow and its consequences have not yet been completely eliminated.

According to Aliyev, at a time when the US, European and Japanese governments are concerned about their own economy amid the current tension in the world, our government’s representative speaks about the immunity of our economy:

"And our society wants to learn about ways of getting out of the current tension in the country and the government's strategy on the occasion. As for the question of oil price at the level of $30, this idea is very far from reality. This opinion, based on the speech of Russian Finance Minister Siluanov, is a fundamental mistake, because our economies have different structures, despite some similarities. In comparison with us, Russia's dependence on oil and imports is much less.

At least, you can see the difference by comparing the impact of devaluation in Russia on the country's economy and the impact of devaluation in Azerbaijan. Even Siluanov said that the negative impact of the oil price of $30 could be neutralized maximum in four years."

 

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