Azerbaijan policies may lack agility needed for crises
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Subject Oil and COVID-19 shocks in Azerbaijan. Significance The COVID-19 pandemic and oil price collapse present a dual challenge to the government, whose economic or political responses are likely to mirror its behaviour in past crises. Despite reasonable fiscal strength, there are policy risks in areas such as defending the national currency at the cost of depleting foreign currency reserves. Impacts Demands for healthcare and welfare spending will rise, as will unemployment. The banking sector looks vulnerable: four major banks are already in temporary administration. The size of the shadow economy makes it difficult to assess numbers of lay-offs and the resulting demand for welfare assistance.
2020 ◽
Vol 33
(4/5)
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pp. 323-331
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2019 ◽
Vol 12
(4)
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pp. 335-356
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