BAKU, Azerbaijan, June 16. The private sector (especially non-energy), should play a key role in a new growth model to boost Azerbaijan's per capita income, the World Bank (WB) Chief Economist for the South Caucasus Arvind Nair told reporters, Trend reports.
“One of the key findings of the Global Economic Prospects report is that Azerbaijan has the opportunity to increase its per capita income by 40 percent over its baseline trajectory by 2050, and we have considered some of the key aspects for this new growth model or new approach to growth," Nair said.
According to him, the first point is that this growth must be led by the private sector, especially the non-energy private sector, and significant reforms need to be made to increase its productivity.
"So, we have considered three key reforms. The first is to improve access to finance, the second is to improve access to skills for the private sector, and the third is to improve the conditions for competition," he noted.
Besides, according to the expert, another key element in addition to improving the productivity of the private sector is the sphere of human capital.
“Even on a global scale, human capital is the key to long-term growth, and in the Global Economic Prospects report, we consider options for how to do this by investing more and better in education. Our report is fully consistent with the strategy of socio-economic development and the growth model proposed in accordance with it," Nair added.
In the first quarter of this year, income per capita in Azerbaijan amounted to 1,823 manat ($1,072), which is growth of 14.4 percent year on year.