spurred by the pandemic's onset and related oil price shocks. Over the medium term, reforms supporting improved governance …

Azerbaijan faced unprecedented challenges in 2020. The combined COVID-19 and oil price shocks pushed the economy into … recession. A sizeable relief package helped cushion the economic impact from this shock, and the economy has started to recover …. Yet the medium-term outlook remains subdued. The long-term fiscal position is unsustainable as oil resources are expected …

medium-term challenges. The nation has pressing development needs, young institutions, and is highly dependent on oil. Oil … revenues from active fields, which have been the main source of funding for government spending, are drying up. The non-oil … private sector economy remains underdeveloped and lack of good jobs and high youth unemployment are serious concerns …