BAKU, Azerbaijan, April 25. The private sector accounts for over 80 percent of Azerbaijan's GDP, President of the National Confederation of Entrepreneurs of Azerbaijan Mammad Musayev said, Trend reports.
He made the remark at the event themed "Heydar Aliyev and Development of Entrepreneurship in Azerbaijan".
He said that official employment has increased significantly in the country, and new jobs are being created.
"Over 70 percent of the total number of labor relations in Azerbaijan fell on small and medium-sized business entities. We are also observing an active growth in the number of new jobs created by SME participants," he said.
As a result of systematic measures implemented in the field of entrepreneurship development, Azerbaijan ranked first in the ratings of prestigious international organizations in 2022.
As such, Fitch Ratings, the international rating agency, positively assessed the long-term rating of the Azerbaijani economy in national and foreign currency and raised the forecast from "stable" to "positive".
According to Fitch forecasts, Azerbaijan's net sovereign assets are expected to grow by 14 percent from 2022 to 2024, which is the highest indicator in the rating group.