Although Azerbaijan faced a 4.3% economic downturn last year as a result of the coronavirus (COVID-19) pandemic, the country expects 3.4% economic growth this year with the liberation of Karabakh.

Axar.az reports that the statement came from Economy Minister Mikayil Jabbarov in an interview with Bloomberg.

He also said that the forecasts of international organizations on the economic development of Azerbaijan are optimistic: "In 2021, the World Bank forecasts economic growth in our country by 1.9%, and the International Monetary Fund - by 2%."

In addition, the Minister added that by 2030, Azerbaijan aims to double the average annual economic growth rate to 7%.

Jabbarov also noted that coronavirus vaccination has started in the country and he believes that the closed sectors of the economy will develop.