Azerbaijan`s economy grows 3.2 times, non-oil sector increases 2.8 times in 15 years

Azerbaijan`s economy grows 3.2 times, non-oil sector increases 2.8 times in 15 years
19:55 12-10-2018 | icon 18

Baku, Azerbaijan, Oct. 12


Azerbaijani President Ilham Aliyev`s years in power have seen the country make great strides in the economic area just like in the political one, says Azerbaijani President’s Assistant for Public and Political Affairs, department head, professor Ali Hasanov in his article on the results of President Ilham Aliyev`s 15 years in power.

“The consistent and purposeful economic policy pursued in the past 15 years has ensured the completion of the transformation from planned socialist economy to market economy in Azerbaijan,” he said.

Hasanov says the share of the private sector in the GDP has exceeded 80 percent during this period, adding that macroeconomic stability has been strengthened and Azerbaijan has risen to the first place in the CIS in terms of competitiveness.

“Three state programs on socio-economic development have been executed from 2004 to 2018 in order to diversify the country`s economy, boost the non-oil sector and ensure sustainable development of the districts,” he said. “Preparations are now ongoing for the adoption of the fourth program.”

Ali Hasanov notes that the country`s non-oil industry has been consistently developed, thousands of new enterprises have opened over these years.

He says that the newly-opened industrial parks and entities, technoparks, plants, factories and other enterprises play a crucial role in increasing Azerbaijan's economic potential.

“Azerbaijan`s economy has grown 3.2 times, while the non-oil sector 2.8 times, industrial output 2.6 times, agriculture 1.7 times, non-oil export 4.1 times,” he said. “Azerbaijan`s exchange reserves have increased from $1.8 billion in 2004 to $46 billion in 2018. Some $250 billion have been invested in the country`s economy from 2003 to 2018.”

Hasanov says that thanks to the policy, which was laid by national leader Heydar Aliyev and is being successfully continued by President Ilham Aliyev, Azerbaijan became the first post-Soviet republic to complete the transformation period.

He says the World Bank, European Bank for Reconstruction and Development recognize the reforms carried out in Azerbaijan.

“According to the World Economic Forum, Azerbaijan`s economy ranked 35th in the world in terms of competitiveness and 26th in terms of the infrastructure development (2017),” Hasanov said. “In the Forum`s Inclusive Development Index (2017), Azerbaijan climbed to the 3rd place among 80 developing countries.”

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