Press Review 16.08.17

The development of tourism in Azerbaijan, the position of the banking system, and the decline in GDP are the leading topics of today's press.

The Azerbaijan writes about the official policy conducted in connection with the development of tourism. Holding large international sports competitions and festivals in the country also contributes to the development of tourism. For 6 months of this year, 1 million 199 thousand 667 foreigners visited our country. In comparison with the same period last year, this is 24% more.

The Echo published an article titled Forecast: by 2020, only 20 out of 32 Banks in Azerbaijan Can Remain. In 2011, 11 banks were closed in Azerbaijan, and the number of credit organizations was reduced to 32. The level of arrears on overdue loans in domestic banks was 24%, which is a very high figure. The banks' liquidity is not in the best condition, and therefore the crisis will not soon end for Azerbaijani banks. According to forecasts, by 2020, the banking sector of Azerbaijan will stabilize, and by this time only 20 of the 32 currently functioning banks will remain in the market.

The Novoye Vremya published an article titled The Economy Issues Alarming Signals. Several influential international rating agencies at once predicted the growth of the Azerbaijani economy by as much as 3.5% in 2019-2020. And it is certainly rejoicing. However, the country's GDP continues to fall, and this is certainly alarming. The decline in Azerbaijan's GDP in January-July 2017 was 1%, the State Statistics Committee said. The government of Azerbaijan predicts economic growth in 2017 at the level of 1%. The current alarming signals in the domestic economy mean one thing: delay in the reforms is fraught with the worst development of events for the economy of Azerbaijan.