Impact of the global economic crisis on the activity of industrial companies and countermeasures in Azerbaijan

Based on long-term statistical reporting and accounting data, the article analyzes the main indicators characterizing the activity of industrial companies amidst the last two global economic crises. At the same time, special attention was paid to changes in the share of industry in the economy, the impact of COVID-19 on the financial performance of companies in the non-oil sector, as well as the impact of state support on the restoration of damage to business entities and individual entrepreneurs. The expediency of developing and implementing an anti-crisis concept and targeted innovative projects and startups for the production of competitive and import-substituting products is substantiated. The necessity of including micro and small companies operating in the manufacturing industry in the structure of newly created and projected technoparks and industrial clusters has been established. The mechanisms of motivation of rational placement of foreign and joint ventures in the regions of the republic and diversification of the non-oil sector are considered.

economic crisis, pandemic, company, profits, losses