While before the pandemic, the world economy saw its annual growth at 3.5%, a 3.2% decline was observed in 2020, when the pandemic continued, Minister of Economy Mikayil Jabbarov said at an event on "Financing Sustainable Development: Sustainable and Green Recovery from the COVID-19 pandemic" in Baku, Report informs.
"Azerbaijan's gross domestic product decreased by 4.3% last year due to the pandemic. Despite declining government revenues, the government has provided $2.7 billion in assistance to individuals and businesses to ensure macroeconomic stability. This aid package covers 5 million citizens," he said.
According to the Minister, 2021-2022 will be a period of recovery of the Azerbaijani economy. The positive dynamics will allow increasing the value of non-oil exports to $2.2 billion by the end of this year.