Azerbaijan shares predictions on GDP growth rates for 2022-2026

Economy Materials 8 December 2021 17:45 (UTC +04:00)
Azerbaijan shares predictions on GDP growth rates for 2022-2026

BAKU, Azerbaijan, Dec. 8

By Elchin Mehdiyev - Trend:

The average annual GDP growth rate in the next medium-term is projected at 3.9 percent while non-oil GDP - five percent as a result of implementation of Azerbaijan's social and economic development strategy for 2022-2026, Azerbaijani Deputy Minister of Economy Elnur Aliyev said at the Azerbaijan Career Development Forum, Trend reports on Dec. 8.

According to Aliyev, by 2026, it’s planned to increase the volume of non-oil exports by 1.8 times, the share of the private sector in GDP - to 88 percent, the share of small and medium-sized enterprises (SMEs) in GDP in the non-oil and gas sector - up to 35 percent, and in the non-oil and gas sector - up to 60 percent.

"Human capital has played an important role in sustainable economic growth, increasing labor productivity and integrating the country into global markets. For this, it’s important to improve the quality of education at all levels, attract qualified personnel in accordance with the requirements of the labor market, and use the available human capital," the deputy minister said.

He also noted that it’s necessary to take into account modern trends, improve digital knowledge and skills of the current staff.

"We must train competent personnel, expand ties between enterprises of production, industry and science. The role of higher education in general management, economic growth and labor productivity is very important,” Aliyev added.

“In higher education there is a great interest in technical, technological, environmental and agricultural specialties. Considering appeals of the fourth industrial revolution, in the last two years, the focus has been made on improving the qualifications of technical specialties," he stressed.