BAKU, Azerbaijan, April 5. Azerbaijan's non-oil exports may increase in 2022 due to the geo-economic and geopolitical situation in the world, Head of the department of the Center for Economic Reforms Analysis and Communications of Azerbaijan Nijat Hajizadeh told Trend.
Inflation was the critical factor in the success of most countries' exports in 2021, he said.
"The rise in prices on the world market has accelerated against the background of the introduction of non-tariff regulation by Russia since the second half of 2021. It is only theoretically possible to predict the dynamic growth of Azerbaijan's non-oil potential against the backdrop of current geopolitical conflicts,” Hajizadeh noted.
Normalizing the situation and restoring peace and stability in Eastern Europe can relatively reduce the negative impact on economic growth in 2022. However, a short-term easing of economic and financial restrictions on Russia, Azerbaijan’s main foreign trade partner, is not currently discussed, he added.
It will not prevent a downturn in the Russian economy anyway even assuming that this happens in the short term, Hajizadeh said.
"These scenarios will continue to cause inflation in world markets," he noted. "As a result, non-oil exports will increase due to rising prices. The decisive factor and leading force behind the growth of Azerbaijan's non-oil exports will be the inorganic chemical industry."
