TODAY.AZ / Business

Expert: Azerbaijan's economy can sustainably grow through adequate macroeconomic policy

13 July 2020 [12:51] - TODAY.AZ

By Trend


The national economy of Azerbaijan can be brought on a stable growth path with an adequate macroeconomic policy in the post-pandemic period, Professor of Azerbaijan State Economic University (UNEC), economic expert Elshad Mammadov told Trend.

“If an active investment policy is implemented focusing on the areas of new technological structure, including introduction of innovative bio-technologies, cell technologies in healthcare and other areas, this will allow our economy to enter a stable growth path in the coming years,” he said.

“I think that in the post-pandemic conditions, namely those areas, where advanced technologies are actively introduced, will receive the biggest revenues, which is logical. Of course, according to the results of the current year, except the first two months, the national economy will decline due to the external shocks, not related to internal economic problems,” Mammadov noted.

“The COVID-19 pandemic has seriously damaged the entire global economy, in particular the national economies of most countries. Over the past decades, the world economy has globalized, there were common technological, production and trade chains, the break of which due to the pandemic led to a large-scale problem that affected everyone.”

“Of course, this problem caused significant damage to the national economy of Azerbaijan, as a result of which the services, public catering, tourism, and trade sectors have seriously suffered.”

“The recent fundamental economic reforms carried out in Azerbaijan under the president’s leadership provided a significant impetus to the development of the country's non-oil sector, and in the post-pandemic period, it is extremely important to purposefully continue reforms in key areas of the economy,” added the expert.



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