Azerbaijan’s economic development a model of successful development

Photo: Azerbaijan’s economic development a model of successful development
 / Economy news

Baku, Azerbaijan, Jan. 21

Trend:

Leyla Abdullayeva, expert at Trend Analytical Centre

Azerbaijan took 81st place in the Index of Economic Freedom with 61.3 points, going into the category of 'countries with moderately free economies' in a joint study of economic freedom indices, published by The Heritage Foundation and The Wall Street Journal.

The study covers 186 countries in 2014.

The level of welfare is much higher in those countries with freer economies and commercial freedom brings relatively quick and tangible results, according to the study. The Azerbaijani population's income is over three times higher than inflation and this gives grounds to say that the citizens' welfare is improving and that positive dynamics is strengthening each year.

The basic dynamics of Azerbaijan's development is determined by its economic power. Azerbaijan has achieved great success on the international arena and in the region. Azerbaijan's gross domestic product (GDP) increased by nearly six percent. This is a very high figure. Given the fact that today in most countries the GDP growth stands at half of one percent, one percent and 1.5 percent, the GDP will increase by about six per cent and this is a good result. The non-oil sector grew by nearly 10 percent and serious programmes are being implemented to ensure the further development of this sector.

During the year, $28 billion has been invested in the country's economy. This tendency has also been maintained for several years. The growth of foreign investments in the country shows that Azerbaijan is a very reliable partner and an attractive country for foreign investors. The country's economic reforms, economic liberalisation, improvement of Azerbaijan's credit ratings by leading rating agencies and policy of integration into the world economy contribute to the growth of foreign investments.

This means the model of economic development of Azerbaijan is a model of successful development that could become an example for many advanced countries in the world.

Translated by E.A.

Edited by S.M.

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