new macroeconomic situation in Azerbaijan

The ongoing global economic crisis, the sharp decline in oil prices since 2014, and other external factors have eventually contributed to the creation of a qualitatively new macroeconomic situation in Azerbaijan, said Azerbaijani Finance Minister Samir Sharifov. Sharifov made the remarks during a discussion on the country’s draft state budget and the concept of socio-economic development for 2017 and the next three years in Baku on Nov. 30. The Minister also stressed that the macroeconomic stability remains the main objective and the state budget compression will continue. “The new economic changes, realities as well as strategic challenges faced by Azerbaijan were taken into account in the draft state budget for 2017,” he said. Moreover, certain financial provision was created in the state budget to continue the social-oriented policy, Sharifov added.