The Azerbaijan State News Agency

ECONOMY

ASK PREPARES PROPOSALS TO REDUCE IMPACT OF GLOBAL FINANCIAL CRISIS

22.02.2009 [14:32]
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Baku, February 22 (AZERTAC). The ongoing global financial crisis has not yet hit Azerbaijan but if things continue like this it will be difficult to avoid it, the Azerbaijan National Confederation of Employers (Entrepreneurs) Organizations (ASK) reported.

The proposals prepared by the ASK to minimize impact of the crisis show that Azerbaijan`s foreign trade with 137 countries reached 51.8 billion manats. Trade with EU countries constituted 53.7% of Azerbaijan`s overall foreign trade turnover. The deepening financial crisis in EU can cause serious problems for Azerbaijan.

To minimize impact of global crisis on small and medium-sized enterprises, ASK proposed to prevent business downturn, increase in interest rates, keep energy prices low and other actions.