WB: Azerbaijan needs new model of economic development
Azerbaijan, Baku, March 5 / Trend A. Akhundov /
Azerbaijan needs a new model of economic development, World Bank director of strategy and operations in Europe and Central Asia Theodore Ahlers said during the second forum on economic policy in Baku today.
"Azerbaijan needs a model," he said. "The diversification of the economy and the willingness to reduce oil and gas revenues, as well as to create new jobs in the future, are the main areas."
He said that if oil and gas revenues are the engine of the economy now, the situation will change in the future despite such large fields as the Azeri-Chirag-Guneshli, Shah Deniz and others.
"The Azerbaijani population is young and workable," he said. "New jobs are required."
He said that the goal to increase the GDP twice within 10 years, set by Azerbaijani President Ilham Aliyev, is difficult, but very real.
"This can be achieved through a clear economic policy and implementation of reforms," he said. "In this regard, the beginning of preparing a strategic development plan till 2020 is a good signal."
The forum will continue until March 6.