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Azerbaijan continued to develop even during 2008-2009 economic crisis â€“ official

28 January 2016 11:10 (UTC +04:00)

During the reporting period, entrepreneurs were granted concessional loans worth 17 billion manats, about 200 billion dollars were invested in Azerbaijan, 100 billion of which are foreign investments, said Hasanov.

He said that people’s problems related to gas, energy and water supplies have been solved. “Social and economic infrastructure meeting modern standards has been created in the country. Azerbaijan’s reputation in the world has increased and it has turned into a political, economic and humanitarian center of the region. Not only we, but the whole world is seeing the difference between Azerbaijan 10 years ago and today’s Azerbaijan,” the official noted.

Hasanov emphasized that most countries experienced serious problems during the global economic crisis in 2008-2009, but Azerbaijan has continued to develop and coped with all assigned tasks. “Most importantly, our citizens didn’t feel the effects of the global economic crisis. This was an indication that Azerbaijan has already completed a period of economic transition and formed an economic system that is resistant to strong and global challenges,” he said.

The official went on to add that strong economic potential and financial capital formed within a short period of time, as well as proper management allowed to reduce the negative impact of the first wave of the global economic crisis on Azerbaijan, calling it a great experience.

Hasanov expressed confidence that against the background of the sharp decline in the prices of energy resources, Azerbaijan's strong economic and financial potential, efforts of the country’s president and government's ability to maneuver will allow us to minimize the negative impacts of the global financial crisis.

The official said the UN World Economic Situation and Prospects for 2016 report expects Azerbaijan’s economic growth to be 2.5 and 2.9 percent in 2016 and 2017, respectively, which gives reason to say that Azerbaijan will preserve the dynamics of economic growth and further increase it in the coming period.