BAKU, Azerbaijan, February 16. The foundation of Azerbaijan's success lies in the strong economy established within the country, Chairman of the Milli Majlis (Parliament) of Azerbaijan Azer Badamov told Trend.
During the inauguration ceremony, President Ilham Aliyev
delivered a substantial speech, recognizing accomplishments in
numerous areas and defining new goals for a resilient Azerbaijan in
the coming years. Over the last two decades, under the leadership
of the head of state, Azerbaijan has successfully navigated a
substantial and victorious journey, principally based on prolonged
sociopolitical stability and the building of a solid economy.
Badamov highlighted that without assuring the country's economic
prosperity, achieving other goals would be difficult.
"Ensuring the country's economic independence was critical for carrying out socioeconomic projects, bolstering the army, and pursuing an independent foreign policy. Thanks to President Ilham Aliyev's wise and forward-thinking economic policies, Azerbaijan has achieved major leaps in growth, emerging as a robust state capable of restoring justice.
Examining our country's economic landscape over the last two decades indicates success in many aspects of life. Examining major economic statistics from this time period will provide a more in-depth understanding of the situation. For example, the GDP was $7 billion in 2003 and is expected to reach $72 billion in 2023. Over the last 20 years, our foreign currency reserves have climbed from $1.6 billion to $70 billion, and the minimum wage has risen from 9 to 345 manat (from $5 to $202), while the minimum pension has risen from 200 to 280 manat ($117 to $164).
The average pension in the country has grown to 500 manat ($294), while the average salary has increased to 940 manat ($553). Our country's external public debt has gone below 9%. In comparison, industrialized countries' foreign public debts approach 100% of GDP. This statistic serves as a significant benchmark, reflecting Azerbaijan's economic development in comparison to the global economy," the MP said.
He mentioned that $320 billion of investments have been put into the country's economy.
"Comprehensive opportunities have been established to foster the growth of the country's non-oil sector. The expansion of Azerbaijan's economy led to the establishment of new enterprises, contributing to the alleviation of the unemployment issue. In 2003, the unemployment rate stood at 50 percent, whereas today it has declined to 5 percent. Additionally, 14,800 apartments and 7,600 cars have been allocated to martyr families and veterans. Furthermore, a state program aiming to provide housing for 100 percent of families in this category is underway over the next two years.
The main objectives for the upcoming period include enhancing our country's transit logistics capabilities, sustaining the growth of the oil and gas sector, fostering the development of the private sector, optimizing the investment climate, advancing digitalization in the economy, promoting the renewable energy sector, addressing technological development challenges, and tackling various other issues. I am confident that under the leadership of President Ilham Aliyev, our economy will fortify, the social welfare of the people will improve, and our international standing will strengthen in the new period," the MP added.
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