BAKU, Azerbaijan, April 2. When projects in Karabakh gain momentum and attract not only budgetary, but also foreign investments, their contribution to Azerbaijan's economic growth may be 2.5 percentage points in 2023, Gulnara Khaidarshina, Deputy Head of Research at Russian Gazprombank, told Trend.
"Meanwhile, new projects for the development of transport arteries will ensure the growth of the share of transport in Azerbaijan's GDP to levels close to 20 percent by 2024. We would like to note that in the pre-pandemic period of 2019, the share of transport in Azerbaijan's GDP barely exceeded 10 percent," she said.
According to Khaidarshina, the inflow of remittances also contributes to the diversification of the Azerbaijani economy.
"Growing consumer demand stimulates growth in retail trade and the service sector, which also belong to the non-oil and gas sector. According to the Central Bank of Azerbaijan, the inflow of remittances from individuals to Azerbaijan reached $3.6 billion and increased by 3.2 times in 2022, compared to 2021," she added.