the lowering of The price of a barrel of oil is impacting positively in our pocket, but you can also do this in the calendar of Formula 1 in 2016. Azerbaijan is suffering a great economic crisis derived from this decline continued in the price of crude oil. With an economy built on oil, the fall of 25% in their price are hitting the economy of the country. So much so that voices that are reputable in the country are calling for the cancellation of the European GP of Formula 1 in 2016 and the Islamic Games, planned for the year 2017.
the celebration of The GP of Europe in Azerbaijan is planned for next June 19, date controversial as it involves the coincidence with the 24 Hours of Le Mans. In any case, already there are voices highly critical of the conclusion of the test. This is the case of the economist Natig Jafarly: “they Have to limit the budget of the state, as currently the economic model is based on a higher price to 45 euros per barrel. The best way to save money in this time passes by to cancel the Grand Prix of F1 and the Islamic Games 2017“.
Even from the Government of Azerbaijan is transmitted that the situation is delicate not only by the price of oil, but because of the huge devaluation that is hurting the Manat, the local currency. In fact, in the statements of Ali Hasanov, economist, and presidential adviser, is transmitted this concern. In the state news agency Apa, he said: “Azerbaijan is an oil country. The prices of oil and its by-products have been reduced up to three times since the beginning of 2015. That means that the revenues of Azerbaijan have been reduced three times“.