Several international organizations, including the International Monetary Fund and the RGE Monitor Nouriel Roubini, predicted in September the most profound "groove" of the financial crisis. Of particular interest to them in the event the European Union - the most secure area of ??the world economy. The IMF said the September decline trend dictated by the 40-year practice, Roubini also stratify the upcoming events on each other.
So, in September, representatives of the European Central Bank, the IMF and the European Commission are in Athens to decide on granting Greece the next tranche of financial aid. Give money - "to put the Greeks in the neck," not - break out in Greece defaulted, which could lead to the exit of the country from the Euro zone. So, most likely, they will criticize, but give the money.
Alarming is the rate of return of Portuguese government bonds. In RGE Monitor said that Portugal can not cope with their financial obligations, and again ask for help from the European Union.
In Spain, they will publish a report on the state of the financial sector, the results of which determine the volume of borrowing from the European Financial Stability Facility (EFSF) for the recovery of the local banking system.
Most importantly - in Germany in mid-September, the Constitutional Court will review the legality of decisions taken at the July summit of the European Union. ESFS and ESM right to direct purchase of securities of the troubled Euro zone countries may be canceled. Then, the German government may refuse insolvent allies.
France in September awaits reconciliation unpopular budget for next year, which provides for cutting the social part, and this will cause discontent.
In the general election in the Parliament of the Netherlands is expected to increase the number of deputies, negatively related to financial support for troubled countries of the European Union in the first place, "new Europeans" from the socialist camp collapsed.
According to the head of the non-governmental Centre for Economic Research Gubad Ibadoglu, Azerbaijan's economy "has acquired a" safe assets (mainly the State Oil Fund) abroad and is protected as long as the flow of foreign direct investment in the oil and gas industry. However, this is not a panacea and is not a reason to be optimistic reports.
The share of agriculture products in the revenue side of the budget is 4.5%, the government is investing in this area is much less than in "Other expenses", not to mention the investment projects for multiple repairs of roads, bridges, infrastructure investment and tourism complexes so on.
The state does not invest money in science, invention and innovation, and buys all the technology and equipment from abroad. This policy is relatively high price of oil - a bad shock, as foreign high-cost products in all senses is very expensive, thus, to put it mildly, not entirely allocated to the destination.
According to him, the monopolization of imports in all sectors of the real economy does not develop this segment in full. The share of agricultural products of local production in the real sector of the economy, not to mention the clothes, consumer products, appliances and equipment, is extremely low. Instead of high quality fruit and vegetables, local entrepreneurs buy cheap products with presence of GMOs, thus putting at risk the health of the nation.
High level of shadow economy - the expert says, citing specific examples. Even in the figures provided by the State Statistics Committee, Customs and trade missions of foreign embassies in Baku, reflecting the development of bilateral trade relations, there is a huge difference.
The standard of living for the State Statistics Committee, indexing it according to the decree of the head of state and do not match the reality - tangible costs of all population groups in the two and a half times higher than the declared president.
If we consider that the welfare of citizens is the main wealth of the country, it is not necessary to wait for September. The crisis in Azerbaijan, especially in its provinces, began long ago and is not reduced in this regard to the government to its people, - the Doctor of Economic Sciences surmised. - 17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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