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Minister: COVID-19, related restrictions greatly impact Azerbaijan's economy

Jun 30, 2020 (MENAFN via COMTEX) --

(MENAFN - AzerNews) By Trend

As a result of the negative consequences of the pandemic and volatility of oil prices, economic activity in Azerbaijan has decreased, the economic balance has been violated while the introduced restrictions have led to the disruptions in the production and processing chain, Azerbaijani Economy Minister Mikayil Jabbarov said.

Jabbarov made the remark at the briefing in Baku,  Trend  reports on June 30 referring to the Azerbaijani Economy Ministry.

The minister also spoke about the impact of restrictions and new challenges on the national economy due to the coronavirus pandemic, as well as stagnation in the global energy and stock markets.

Nevertheless, Jabbarov stressed that despite the observed stagnation in the economy, the recession of the national economy did not occur.

The minister stressed that presently, the government is implementing the measures to minimize losses of the national economy upon the president's initiatives and instructions.

"The government is trying to help businesses get out of the situation with the least losses through the programs which are being implemented," Jabbarov said.

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