IMPACTS OF COVID-19 ON THE AZERBAIJAN ECONOMY

Abstract

As we know, the strategic roadmaps and plans developed for the main sectors of the economy will ensure sustainable economic development in the country, the competitiveness of the economy, inclusion and further increase of social welfare. Responding to global challenges, Azerbaijan will strengthen its position in the world economy as a result of attracting investment, a free competitive environment, access to markets and the development of human capital. Over the past 10 years, the Azerbaijani economy has entered a qualitatively new stage as one of the countries with the highest economic growth rates in the world. However, as a result of the COVID-19 pandemic, which began to spread rapidly in the world in 2019, not only Azerbaijan, but also many countries around the world were strongly affected, both economically and socially, and there were some setbacks in the economy. The economic crisis caused by the COVID-19 pandemic is much greater than the economic crises and disasters that have taken place in the last 40 years. It is estimated that the global crisis will be caused by the pandemic will be much deeper and more permanent than previous global crisis. The world economy shrank by 3.75% in 2020, which is nearly twice the contraction in the global financial crisis. In my article, it will discuss the formation of the Azerbaijani economy, the impact of the global pandemic on the country's economy, the measures taken by enterprises during the COVID-19 pandemic and the advantages and disadvantages of these measures. Keywords: economy, COVID-19 pandemic, accounting policy