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Ilham Aliyev: “Compared to some developed countries, the recession in Azerbaijan was less”

Ilham Aliyev: “Compared to some developed countries, the recession in Azerbaijan was less”

"In all countries of the world, including Azerbaijan, 2020 was a year of economic recession."

President Ilham Aliyev said this in an interview with AZTV on January 18 after the groundbreaking and opening ceremonies at the Sumgayit Chemical Industrial Park.

"But the recession in our country was only 4.3 percent. In some developed countries, these figures are high," he added.

Fakt Yoxla examined whether Ilham Aliyev's claim was true.

The President said the fact that the Azerbaijani economy shrank by 4.3% in 2020, citing official statistics.

According to the Organization for Economic Cooperation and Development (OECD), which unites 36 developed countries, the economic contraction in 2020 averaged -4.2%.

In 2020, the United States and China, the world's largest countries, have different results in terms of economic growth.

While the US economy shrank by 2.3% due to the impact of the pandemic, China's economy grew by the same amount.

According to the statistics of the World Bank, the economic growth of 15 countries, which are economically developed, have a leading economy, and have already announced their macroeconomic indicators, for 2020 is as follows:

Spain – (-) 11%

United Kingdom – (-) 9.9%

Italy – (-) 8.8%

France –  (-) 8.3%

Portugal – (-) 7.7%

Austria – (-) 7.4%

Singapore – (-) 5.4%

Canada – (-) 5.1%

Germany – (5%)

Japan – (-) 4,8%

Netherlands – (-) 3,8%

Denmark – (-) 3.7

Norway – (-) 2,8%

USA – (-) 2.3%

South Korea – (-) 1%

A study of the economies of countries with the status of highly developed countries in the World Bank's income classification in 2020 shows that the recession was 5% or more in most of them. Thus, the Azerbaijani economy has experienced less economic recession than other developed countries. Among the 15 leading countries involved in the comparison, Azerbaijan showed the 6th best result.

Fakt Yoxla concludes that Ilham Aliyev’s claim is True.

“stat.gov.az”, Social and economic development

“apa.az”, President: “Industry, agriculture, non-oil sector, export opportunities, reduction of dependence on imports have created a new reality”

“oecd.org”, Turning hope into reality

“cnbc.com”, New chart shows China could overtake the U.S. as the world’s largest economy earlier than expected

“bbc.com”, UK economy suffered record annual slump in 2020

“markets.businessinsider.com”, The UK economy suffered the biggest slump in the G7 in 2020, shrinking a record 9.9% as COVID-19 hit hard

“reuters.com”, France economy slumps less than expected in fourth quarter despite lockdown

“reuters.com”, UPDATE 2-Portugal's economy fell 7.6% in 2020, biggest drop since 1936

“focus-economics.com”, GDP in Austria

“asia.nikkei.com”, Malaysia's GDP shrinks 5.6% in COVID-marred 2020

“straitstimes.com”, Singapore economy to grow by 4-6% this year; 2020 contraction shaved to 5.4%

“reuters.com”, UPDATE 2-Canada economy better than expected in November, but impact of COVID-19 surge looms

“bbc.com”, Japan's economy shrinks 4.8% in 2020 due to Covid

“countryeconomy.com”, Netherlands Netherlands GDP - Gross Domestic Product

“bloomberg.com”, Danish Economy Contracted 3.7% in 2020, Flash Estimates Show

“nordeatrade.com”, The economic context of Norway

“bloomberg.com”, Korea Economy Shrinks Just 1% in 2020 on Exports, Virus Control

“datahelpdesk.worldbank.org”, World Bank Country and Lending Groups

“belstat.gov.by”, Gross domestic product 

“belstat.gov.by”, MAIN SOCIO-ECONOMIC INDICATORS OF THE REPUBLIC OF BELARUS January-December 2020

“centralasia.media”, Turkmenistan's GDP grew by 5.9% in 2020

“tass.ru”, Kazakhstan's GDP decreased by 2.6% in 2020

“kommersant.ru”, Rosstat: Russia's GDP in 2020 decreased by 3.1%

“trtavaz.com.tr”, Tajikistan's economy grew 4.5 percent in 2020

“invest-in-uzbekistan.org”, Uzbekistan's GDP grew by 1.6% in 2020

“xinhuanet.com”, Ukraine's GDP fell by 4.4 pct in 2020: Ukrainian national bank

“coface.com”, MAJOR MACRO ECONOMIC INDICATORS

“rg.ru”, Eyes on the companions

“ru.investing.com”, Decrease in GDP of Armenia in 2020 amounted to 7.5%

 

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  • 20 February, 2021
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