Azerbaijan, Baku, April 2 / Trend, I. Khalilova /
WB chief economist for Azerbaijan Mona Prasad and senior economist of the bank for the South Caucasus Rashmi Shankar have arrived in Baku to discuss the macroeconomic situation in Azerbaijan with the government, the WB Baku office told Trend.
"This visit of the bank's economic mission is made on a regular basis to study the economic situation and discuss future prospects," the WB office said.
The mission will continue its work until April 5.
According to the State Statistics Committee, Azerbaijan's GDP in January-February 2013 increased by 3.2 percent compared to the same period last year, and totaled 8.344 billion manat at current prices.
Production of value added in the non-oil sector grew over the year by 10.5 percent to 4.08 billion manat (or 48.9 per cent of GDP), and fell by 2.6 percent in the oil and gas sector.
The GDP per capita, on average, amounted to 902.6 manat ($1150.1).
According to the model of economic development of Azerbaijan, in the foreseeable future, the per capita income of the country could reach $20,000. According to the 2012 results, the volume of GDP per capita amounted to AZN 5 884.5 ($7 490.5).
According to Shankar, as expressed previously, Azerbaijan should continue to focus on economic diversification for achieving income growth.
"The middle class is the driving force serving to the development in the social sphere as well as contributing to economic and political stability. The middle class should be actively involved in the economy of Azerbaijan", Shankar said.
At present, Azerbaijan attaches great importance to the development of the private sector, particularly small and medium-sized businesses, creating new jobs, mainly in the non-oil sector of the economy.