Economic Impact of COVID-19 on Azerbaijan and its Policy Response

ambarish — Mon, 15 Jun 2020 11:56:25 +0000

Azerbaijan’s economy is expected to be adversely affected by COVID-19 pandemic in 2020. The real gross domestic product (GDP) of Azerbaijan is expected to shrink, unemployment level to increase and current account balance to show negative growth due to COVID-19 this year. As of 15^th June 2020, Azerbaijan had 9957 confirmed COVID-19 cases out of which 5583 people have recovered from the disease while 119 have lost their lives.

In this blog post we will be focusing on economic impact of COVID-19 pandemic on Azerbaijan. We will also be taking a look at the social, fiscal, monetary and employment related policy measured taken by Azerbaijan government under following sections –

Impact of COVID-19 on Azerbaijan Economy in 2020
Coronavirus (COVID-19) Containment Measures of Azerbaijan
COVID-19 Related Fiscal Policy Measures by Azerbaijan
COVID-19 Related Monetary Policy Measures by Azerbaijan
COVID-19 Related Employment Policy Measures by Azerbaijan
COVID-19 Related Social Policy Measures by Azerbaijan

We have covered various macroeconomic factors and PESTLE (political, economic, social, technological, legal, and environmental), SWOT (Strengths, Weaknesses, Opportunities and Threats) and risk analysis for Azerbaijan in separate market research reports.

1. Impact of COVID-19 on Azerbaijan Economy in 2020

Azerbaijan’s real gross domestic product (GDP) was AZN 29.826 billion in 2019 and due to COVID-19 outbreak it is estimated to shrink by 2.184% to be around AZN 29.175 billion in 2020.

Azerbaijan’s unemployment rate was 4.971% of total labor force in 2019. Due to slowdown in global economic activity due to COVID-...

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