Azerbaijan National Academy of Science

As you know, the coronavirus pandemic and the sharp drop in oil prices plunged the world economy into one of the most devastating socio-economic crises. President of the Republic of Azerbaijan Ilham Aliyev made a number of important decisions to “mitigate” the negative consequences of the economic crisis, and on his behalf a number of programs to support economic development were developed. Currently, anti-crisis measures are being taken.

Most economists around the world are looking for ways to help their countries out of the crisis with less loss. Azerbaijani economists also bear a great responsibility in this area. It is important to take measures based on specific proposals, both at the economic and industry levels, in order to maintain macroeconomic stability and restore economic growth, diversify the economy, replace imports and ease the social burden of the state.

Conducting such studies, preparing and submitting proposals and recommendations to state bodies should be carried out continuously for a certain period of time. According to the most optimistic forecasts, it will take several years to overcome the consequences of the global socio-economic crisis that began in 2020 and return to the trajectory of economic growth.

The employees of the ANAS Institute of Economics also try to contribute to the fulfillment of these tasks. Thus, the institute conducts research in the field of assessing the actual and potential impact of the global crisis on the economy of Azerbaijan, neutralizing possible negative consequences for macroeconomic stability in Azerbaijan, including the financial sector, new risks that the Azerbaijani economy may face in the coming years, supporting aggregate demand and the aggregate supply in the country, as well as the possible consequences of the global crisis for public welfare in Azerbaijan and their mitigation.

The results of the study and proposals will be submitted to the relevant state bodies.

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