“2018 to become year of economic development for Azerbaijan” (PHOTO)

Baku, Azerbaijan, Dec. 27

By Anvar Mammadov – Trend:

2018 will go down in history as the year of economic development for Azerbaijan, said Vusal Gasimli, executive director of the Center for Analysis of Economic Reforms and Communication.

He made the remarks at a press conference dedicated to the results of 2017, in Baku.

Gasimli said that as a result of economic reforms, held in the country in 2017, the crisis is over, and the economy has entered a new cycle of development.

“On one hand, anti-crisis measures were carried out in 2017, and on the other hand, reforms continued to create a new economic model. The decline in GDP in Azerbaijan was observed only in 2016, and the dynamics of GDP growth recovered in 2017, and opportunities were created for new economic growth in 2018,” added the executive director.

In general, continued Gasimli, 2017 can be called as a year of stabilization for Azerbaijan.

“As a result of successful economic reforms, the growth of the non-oil sector following the results of 2017 is forecast at a level of more than two percent. Non-oil export increased by 20 percent in 2017 and the balance of payments formed a surplus, the volume of strategic foreign currency reserves increased,” he said.

“As a result of activities as part of the Financial Stability Board, the manat rate has stabilized. Thus, 2017 can be called as a year of stability, and 2018 – as a year of economic development for Azerbaijan,” added Gasimli.