Difference of economic potential between Azerbaijan, Armenia hits record high

  29 December 2018    Read: 1078
  Difference of economic potential between Azerbaijan, Armenia hits record high

In 2018, the difference between the economic potential of Azerbaijan and Armenia reached a record high, Executive Director of the Center for Analysis of Economic Reforms and Communication Vusal Gasimli said at a press conference Dec. 28, AzVision.az reports.

Gasimli noted that the economy of Azerbaijan is four times larger than the Armenian economy, the strategic currency reserves of Azerbaijan are 20 times higher than those in Armenia, and the number of Azerbaijan's population is 3.3 times higher than Armenian's.

He further added that out of the four borders of Armenia, two are completely closed and the other two have limited possibilities.

"Staying away from all oil-gas, transport, logistics and ICT projects, the occupying country continues to weaken and remain in the shadow of Azerbaijan," Gasimli said.

The conflict between the two South Caucasus countries began in 1988 when Armenia made territorial claims against Azerbaijan. As a result of the ensuing war, in 1992 Armenian armed forces occupied 20 percent of Azerbaijan, including the Nagorno-Karabakh region and seven surrounding districts.

The 1994 ceasefire agreement was followed by peace negotiations. Armenia has not yet implemented four UN Security Council resolutions on withdrawal of its armed forces from the Nagorno-Karabakh and the surrounding districts.


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