BAKU, Azerbaijan, December 31. Today Azerbaijan is one of the few countries, which is independent both economically and politically, President of Azerbaijan Ilham Aliyev said, addressing the people of Azerbaijan on the occasion of the Day of Solidarity of World Azerbaijanis and the New Year, Trend reports.
"Indeed, we need a solid economy to make all these achievements possible. We have long become a nation that is independent economically. Today Azerbaijan is one of the few countries, which is independent both economically and politically. This year's economic performance in the post-pandemic period is satisfactory. For example, our economy has grown by about 5%, with the non-oil sector growth recorded at more than 9%. At the same time, our GDP this year reached a record $130 billion. This is a historic achievement. In parallel, our foreign debt has been significantly reduced. A few years ago, I set a goal for the government to reduce our foreign debt to less than 10% of the GDP. Last year it was 17%, the latest figures for this year show the rate of 9.5%. By comparison, in some developed countries, the volume of foreign debt is 100, 120, or even 150% of the GDP. In other words, we have ensured complete independence from international financial institutions," President Ilham Aliyev said.