Azerbaijan, Baku, March 16 / Trend A. Akhundov /
The Azerbaijani Parliament has today approved the Azerbaijani government's report on the activity in 2011.
The government's report was presented to the parliament by Prime Minister Artur Rasizade.
Rasizade said that the Azerbaijani government's goals were achieved in 2011.
"Maintaining the macroeconomic stability, accelerated development of non-oil sector, food and energy security, strengthening the military potential of the country and the defense complex, constant improving level of human capital are the government's main objectives for 2011 set by President Aliyev," Rasizade said.
The government fulfilled several measures to ensure sustainable socio-economic progress to accomplish these tasks. As a result of these measures, the objectives were achieved. A course of economic modernization has given results, he said said.
Speaker of the Parliament Oktay Asadov said that Azerbaijan maintained the stability of its economy and macroeconomic balance in terms of the crisis in world markets in 2011.
"It was also stressed by international financial institutions and rating agencies," Asadov said.
Thus, the flow of capital into developing countries due to the weakening of growth in developed countries, the availability of debt problems in the U.S. and European Union countries, low interest rates in these countries, as well as the volatility in world prices on main kinds of raw materials were the main risk factors in 2011.
"If there are serious challenges in difficult global economic conditions, the Azerbaijani economy demonstrated stability and achieved significant results in the diversification and growth which is a priority in non-oil sector," the report said. "In the reporting year, Azerbaijan among the countries with above average income, high human development, has become a leading country in the region. It is the first and only country in South Caucasus region, which received an investment grade rating."