BAKU, Azerbaijan, June 24. The development of the non-oil sector in Azerbaijan will accelerate and exceed 5.5 percent of GDP in 2024, the Chairman of the Azerbaijani Parliament Committee on Economic Policy, Industry, and Entrepreneurship Tahir Mirkishili said during the opening ceremony of the "5th Exhibition for the Promotion of Local Companies" in Baku today, Trend reports.
"At the same time, overall spending growth exceeded 3.8 percent, while the level of inclusiveness - 2.7 percent. The population and the private sector have a favorable environment for development. It's necessary to ensure legislative support for the private sector in Azerbaijan to avoid mistakes and to have thorough knowledge of the competition code. This will allow effective operation in the modern competitive environment.
The economic policy pursued by the head of state is aimed at creating favorable conditions for the private sector, despite existing risks. It's also important to remind that success depends not only on luck and the external environment but also on having a sufficient legislative framework and support," he emphasized.
To note, Azerbaijan's GDP from January through May 2024 grew by 4.2 percent compared to the same period in 2023 - to 48 billion manat ($28 billion).
Additionally, this figure increased by 1.1 percent last year compared to 2022 - to 123 billion manat ($72 billion).
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