BAKU, Azerbaijan, April 28. Azerbaijan moving toward its goal of becoming high-income country, said the Asian Development Bank (ADB), Trend reports.
“Growth accelerated from 1.1% in 2023 to 4.1% in 2024 as the non-hydrocarbon economy expanded by 6.2% and the hydrocarbon economy grew by 0.3%. Still, the country’s economy and annual budget rely heavily on earnings from hydrocarbons. With expected lower global demand for oil, Azerbaijan’s continuing development challenge is to accelerate the productivity of its non-hydrocarbon sectors and generate work opportunities, especially for the youth in its developing regions,” reads the updated report issued by the Bank.
The report says that the government of Azerbaijan has established its vision for future growth and development in its 10-year development strategy, Azerbaijan 2030: National Priorities for Socio-Economic Development, which seeks to develop a diversified, sustainable, and competitive economy through an inclusive society, improvements in human capital, and investments in infrastructure.
“Operations of the Asian Development Bank (ADB) in support of Azerbaijan 2030 have been guided by a country partnership strategy (2019–2023, extended to 2024) that is aligned with the government’s strategic road maps for its main economic sectors. Specifically, ADB is working to build alternative sources of growth such as renewable energy, logistics, trade, tourism, and agriculture,” reads the report.