Media Review for May 16, 2020

The official newspaper Azerbaijan writes about the economic situation during the pandemic. Experts believe that 2020 is a lost year in terms of economics. However, in Azerbaijan, the economy has demonstrated its resilience. State Oil Fund assets will play an important role in mitigating the impact of foreign shocks. The author, citing experts, notes that in 2021, GDP growth will be 3%. According to the results of four months of this year, the economy grew by 0.2%, although this is not much. Industrial growth in the non-oil sector is over 16%. In the first quarter of this year, industrial production in the non-oil and gas sectors increased by 23%.

The Modern.az website writes that Azerbaijan’s oil revenues will drop to the lowest level since 2007. OPEC and its partners reduced oil production in May by 12 million barrels, according to forecasts, production will be 88 million barrels. Oil prices are still below $ 30, the reason for this is still ongoing tensions between the US and China. According to the results of the first quarter of this year in the countries of the world, the economy is declining at a rapid pace, even greater than predicted.

The site “Yeni Sabah” discusses with experts the situation in the banking system in connection with the closure of four banks. Experts believe that the Central Bank itself is guilty of the problems of most banks, since it exercises incorrect control. When a bank needs a loan, the Central Bank does not give it out, knowingly leading it to collapse. The Central Bank has a biased policy, settling scores with certain tanks. Experts believe that in Azerbaijan it is possible to close all banks, except three - Interbank, Pasha Bank and Capital Bank.

The site “Oxu.az” writes about the situation in the field of tourism after the pandemic. Experts suggest that prices in this area may jump. In the first three months of this year, tourism in the world, according to primary estimates, lost $ 80 billion. According to forecasts of the World Tourism Organization (UNWTO), the number of tourists in 2020 may fall to 60-80%. In April this year, compared with the same period in 2019 goals, the number of tourists to the country decreased by 92%. Experts note that this year the cost of tickets and hotels can increase by 50%, since the planes can not fly full, the same situation with hotels. If earlier a tourist package to Turkey cost 700-1000 manat, now it will be 1050-1500 manat.