Azerbaijan suffers great economic losses - Economist
Support A1+!Economist Suren Parsyan, head of the ARF Bureau Economic Research Office, expressed an opinion that this war would cost very expensive for Azerbaijan and Turkey.
"Azerbaijan not only loses human lives and military equipment, but also suffers great economic losses. On October 1, the price of Azerbaijani oil at the oil exchange fell by 3.16% to $42.93 per barrel, while the state budget of Azerbaijan for 2020 was set at $55 per barrel. Azerbaijan annually exports about $20 billion worth of goods, 90.9% of which is oil and gas.
Azerbaijan's economy continues to be more and more dependent on oil and gas exports. The price of Azerbaijani oil has not exceeded $55 this year, so the government of Azerbaijan continues to waste reserve funds. Due to this war, the countries and organizations that have made large investments in the economy of Azerbaijan will lose their trust in Azerbaijan, the outflow of new capital from the country will lead to a sharp devaluation of the manat."
