According to the report, the economic decline of Azerbaijan in 2020 made up nearly 3.9 percent due to the impact of the COVID-19 pandemic on most economic sectors. The reduction in oil production under the OPEC + agreement also led to a decrease in industrial production in Azerbaijan.
Besides, inflation in Azerbaijan in 2021 will be 3.2 percent, while 2020 ended with an indicator of 3.1 percent. For 2022, the UN predicted that inflation in the country will accelerate to 3.5 percent.
Economy Minister Mikayil Jabbarov previously noted that Azerbaijan's task is to double the country's GDP by 2030 in accordance with the new 10-year development plan, which requires an average annual economic growth rate of 7 percent.