"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.
