State Advisor: Requirements for Azerbaijan’s stability increasing with its economy’s growth

Azerbaijan, Baku, March 5 / Trend A.Akhundov /

Azerbaijan in an unstable political and economic and financial situation in the world has created over 20 years of independence all significant institutional systems and mechanisms of socio-economic policy, ensuring macro-economic framework for development, state adviser on economic policy of the presidential administration Vahid Akhundov said at II High-Level Forum on Economic Policy in Baku today.

"High growth rates of the country's economic potential, creation of jobs, raise of living standards and poverty reduction prove that the goals and priorities identified in general right and tools and ways of achieving them have been effective. Despite all this, with the growth of economy scale requirements for its stability, durability, quality are steadily increasing, and we can not always ensure them," he said.

He said the global crisis has once again made it clear that all aspects of the balanced socio-economic development should be reviewed, and there is a need to prove some of the concepts that were previously considered to be axioms.

"In any case, we clearly see that there is a need in principles and methods of management, coordinated with global challenges. And we clearly see that synchronization of individual socio-economic systems with each other is not ensured, which creates tension," said Akhundov.

He noted in times of crisis reforms carried out by countries should be more dynamic, comprehensive and sensitive.

"Optimal relations and optimal trajectories are not static, they are constantly changing, and in accordance with the requirements of the time they assume new quality. The global financial crisis once again confirmed this. For example, the status and relationship of banking, debt market, the mode of state intervention in the socio-economic processes and other issues are now the subject of sharp debate and being re-assessed. This, in turn, will lead to a change in economic policy and the new functional, institutional and other structural changes," Akhundov said.

The main purpose of the World Bank High Level Economic Forum is to give a platform for a detailed discussion of the components of Azerbaijan's future economic policy, where the main role will be assigned to non-oil sector.
Following the first forum on Azerbaijan's long-term economic development, held on October 21, 2009, the agreement was reached to prepare a plan of activities involving the diversification of the country's economy to further develop and conduct a new forum to assess progress and results.

The forum created the opportunity to begin a constructive dialogue about the diversification of Azerbaijan's economy. The preparation of own model of economic growth and balancing the dependence on domestic and foreign markets based on the experience of Ireland and Slovakia was proposed to the country.

Azerbaijan must dramatically increase non-oil export amid changing the economic climate and volatility of oil prices as a result of the global financial and economic crisis.
Azerbaijan is a WB member since 1992. The bank allocated $ 2.9 billion in financing 43 projects within the cooperation. The country ranks third in terms of the portfolio volume after Turkey and Kazakhstan.

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