details added (first version posted at 11:16)
Baku, Azerbaijan, May 3
By Azad Hasanli - Trend:
Azerbaijan is interested in the experience of the Asian countries to seek the potential mechanisms and the economic growth models to adapt its economic development model to the most advanced ones, Azerbaijani Finance Minister Samir Sharifov said.
Sharifov made this statement at the workshop "Rethinking Growth Potential and Growth Models" held in Baku as part of the 48th meeting of the ADB Board of Governors May 3.
"The Asian countries' economies have been rapidly growing for the last ten years," he said. "The average annual growth is six percent. At the same time, different countries use different growth models. For example, these resources are the driving force of economic development in such countries as Azerbaijan, that is, the countries rich in natural resources."
"However, the external and internal situations change," he said. "So, the Asian countries, including Azerbaijan, must reconsider their growth models and try to adapt them to new conditions or find new ways of economic growth."
"Azerbaijan's economy is rapidly growing," he said. "This has been observed for the last ten years. In a short period of time, the country's GDP has tripled. This was stipulated by a favorable external situation, primarily, energy prices on the world markets. As a result, Azerbaijan's growing revenues were widely used for the economic revival. As a result, the annual growth of Azerbaijan's economy has hit about ten percent for the last ten years."
Sharifov said that the countries, rich in natural resources, are subjected to external shocks, such as energy price fall and the potential depletion of natural resources.
"This may limit our growth in the future," he said. "So, the government is considering various growth models. "Azerbaijan 2020: A Look into the Future" strategy envisages the diversification of economy in all sectors and the development of non-oil sector. The growth of non-oil sector was the main driving mechanism in the country. In terms growth it outstripped even the oil sector. However, the non-oil sector increased due to the state investments. The government used the funds from oil revenues to support the non-oil sector. But we must find a more optimal way of development."
"Azerbaijan is interested in the experience of the Asian countries to find mechanisms and growth models that can be adapted in the country," he said.