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World Bank Studies Prospects of Long-term Economic Growth of Non-oil sector in Azerbaijan

Business Materials 10 January 2008 18:07 (UTC +04:00)

Azerbaijan, Baku, 10 January / corr Trend I.Khalilova / The World Bank has set up the researches into the opportunities for growth in the non-oil sector of Azerbaijan, which will be included in the economic memorandum of the country, Emin Huseynov, the Director of the Statistics and Researches Department of the National bank of Azerbaijan (NBA), stated.

The Bank will develop for the Government the aggregate proposals in potential sectors, which have prospects for the durable and stable economic growth. Such sectors also exist in the agriculture and non-oil industry. Huseynov said that the WB will also reveal problems deferring the rise in the definite sectors of economy. The initial variant of the economic memorandum will be submitted to the Azerbaijan Government, in February - March.

"This is a very profitable document, which can be used by the economic bloc of the Government while forming the economic policy, because the position and researches by the leading economists of WB are recognized throughout the world," an official of the NBA said.

The memorandum will be developed by the end of this summer. This is the first document for Azerbaijan, whereas is regularly issued in some countries, including Russia. The World Bank has developed for the Azerbaijan Government, the reviews on public expenses, the reports on state purchases, etc.

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