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Samir Sharifov: In the face of financial crisis, psychological factors also affects global consumption drop

Samir Sharifov: In the face of financial crisis, psychological factors also affects global consumption drop

06 April 2009 13:23 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. In the face of financial crisis, there is a decline in the global consumption, a trend which is also affected by psychological factors, said Samir Sharifov Azerbaijanâ€™s Minister of Finance.
According to him, there is no country completely protected against the financial crisis. â€œHowever, the Government of Azerbaijan, as well as the central bank made some precautionary steps. As a result, Azerbaijan enjoyed 11% economic growth in 2008. The main problem is that the global consumption is declining around the world. This process is also affected by psychological factors. For example, people who used to spend certain amounts of money before the crisis prefer saving money amid the crisis,â€ he added.

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