Korea Trade-Investment Promotion Agency talks success of Azerbaijan’s economic policy
BAKU, Azerbaijan, Feb. 20
By Eldar Janashvili - Trend:
The Korea Trade-Investment Promotion Agency (KOTRA) wrote about the success of economic policy of Azerbaijani President Ilham Aliyev, Trend reports Feb. 20 referring to KOTRA's report.
The main directions of economic growth, as well as noticeable growth in the non-oil sector, were emphasized in the article entitled “Success summary of Azerbaijani President Ilham Aliyev in 2019.”
The article noted that last year Azerbaijan’s GDP grew by 2.2 percent, and GDP in non-oil sector grew 3.5 percent. In addition, as a result of government reforms, growth in private sector investment and the issuance of low interest loans and subsidies, a 14 percent increase was recorded in industrial production in non-oil sector.
An analysis conducted by KOTRA showed that despite significant injection of public funds in the restructuring of bad loans, as well as in the social security system, inflation in Azerbaijan for the year was only 2.6 percent, while cash income of the population grew 7.4 percent.
According to the report, Azerbaijan’s foreign exchange reserves in 2019 compared with 2018 increased by $6.4 billion and reached a record level of $51 billion.
The results of the Azerbaijani government’s support in the financial sector, diversification of agricultural development, tourism development, establishment of foreign trade relations, investment of low-risk areas by Azerbaijan’s State Oil Fund (SOFAZ), as well as participation in energy gas projects of international level were analyzed in the article prepared by KOTRA.
In this regard, Executive Director of the Center for Analysis of Economic Reforms and Communications Vusal Gasimli noted that as a result of the reforms carried out under the leadership of President Ilham Aliyev, economic growth in Azerbaijan will be sustainable.