International Congress on Eurasian Economies

International Congress on Eurasian Economies

26-28 June 2024 – Bishkek, KYRGYZSTAN

Paper properties

Paper ID : 2517
Status : Paper published
Language : Turkish
Topic : Growth and Development
Presenter: Assoc. Prof. Dr. Elchin Suleymanov
Session : 2C Bölgesel Gelişmeler

The Impact of the Covid-19 Pandemic on the Economy of Azerbaijan
Covid-19 Pandemisinin Azerbaycan Ekonomisi Üzerinde Etkisi

Abstract

As we know, knowing that the economy is one of the most important factors for its strength, and even the first of them. In our globalizing world, where competition challenges are growing, competitors are getting stronger, technology is developing evolving, and the country that has weak and sensitive economy, is most at risk the country's job is very difficult. Whereas the countries being stronger in major economic crises are struggling with hardships too. The COVID-19 pandemic will go down in history as being one of the biggest problems of the 21st century. The virus has been declared as a "pandemic" by the World Health Organization. As being in danger of speeding of the disease most countries in the world closed their borders – though public health experts initially questioned this strategy for controlling the spread of disease. At the same time, the pandemic has decimated jobs and placed millions of livelihoods at risk within countries. The world’s population has experienced a lockdown with strong containment measures. Obviously, all these causes international trade to cease, countries' GDP and GNP figures to fall, and economies to suffer significantly. The decrease in global trade due to the epidemic, sharp volatility in oil prices, shrinking total demand and increasing uncertainty negatively affected global economic activity. Naturally, 2020 was a year of economic stagnation all over the world and Azerbaijan's economy was also affected. Noticeably, 2020 was a year of economic stagnation all over the world and Azerbaijan's economy was also affected.

JEL codes: E69, D04, F60

Suleymanov, Elchin, Rahmanov, Farhad, Ibrahimova, Khayala (2021). "The Impact of the Covid-19 Pandemic on the Economy of Azerbaijan" in Proceedings of International Conference of Eurasian Economies 2021, pp.365-370, Istanbul, TURKEY and ONLINE.

DOI: https://doi.org/10.36880/C13.02517

Full paper in PDF format.

Session 2C: Bölgesel Gelişmeler

Eurasian Economists Association Kyrgyz-Turkish Manas University Istanbul Beykent University Doğuş University