BAKU, Azerbaijan, February 10. Azerbaijan is among 54 middle-income countries, Assistant to the President of the Republic of Azerbaijan and Head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration of the Republic of Azerbaijan, Shahmar Movsumov said at the presentation of the World Bank's 2024 World Development Report (WDR) in Baku, Trend reports.
“This is a very big achievement in a short period of time. Azerbaijan has also strengthened its position as a leading state in the region both politically and economically. At the same time, this strength has contributed to the restoration of our sovereignty, territorial integrity,” he added.
Azerbaijan has undergone a very serious transformation since the beginning of cooperation with the World Bank in 1992. The World Bank has been a very serious partner of Azerbaijan, including active participation in its projects in health and agriculture. The World Bank will remain one of our key partners in supporting innovation in the future.
As is known, more than half of the GDP was lost in the 90s. The long-term modernization strategy was launched in Azerbaijan in 2023. Thus, a golden era of economic development began in the country. During 2024, Azerbaijan's economy achieved a 3.4-fold growth. Increasing diversification is also one of the most important challenges. The share of non-oil sector in GDP was 49 percent in 2012 and now it is 68 percent,” he added.