Years 2011-12 will be critical in Azerbaijan's economic development Ministry of Economic Development

Business Materials 27 June 2006 13:20 (UTC +04:00)

Years 2011-12 will be critical in Azerbaijans economic development as namely that moment oil production in the country is expected to reach its peak, Trendreports quoting Adalat Muradov, head of macroeconomic analysis department with the Ministry of Economic Development.

He said namely that time the government plans to join WTO, which will call for some liberation of trading rules. В"All that may lead to negative trends in non-oil sector of the country and our government is already taking steps to prevent themВ", - he added.

Experts predict fraction of oil sector in Azerbaijans economy at about 10% by 2025. This will be achieved firstly due to the development of non-oil sector and reduction of oil production amounts.

Azerbaijans GEP shall rise to $70bn in 2025, $8k per capita. В"This shall influence the populations welfare. We guess there will remain no poor people in Azerbaijan by thenВ", - Muradov concluded.