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Main directions of Azerbaijan's new development strategy announced

6 January 2022 12:10 (UTC+04:00)
Main directions of Azerbaijan's new development strategy announced

By Sabina Mamamdli

Azerbaijani Economy Minister Mikayil Jabbarov has said that if the draft strategy covering 2022-26 on the basis of national priorities is successfully implemented, the average annual GDP growth rate in the country in those years will be 3.9 percent, including 5 percent in the non-oil sector.

He made the remarks in an interview with the Milli Majlis magazine.

Jabbarov added that the nominal GDP per capita will increase by 1.3 times compared to the current period.

The main challenge for the future of the country is to minimize dependence on oil by deepening the country's economy and constantly increasing its international competitiveness, strengthening the pace and sustainability of economic growth, the minister stressed.

He defined the four major directions of the draft as follows:

The first change is to transform the public sector, state-owned companies, public finance, and economic governance into a new quality and to provide its effective support and contribution to the diversification of the economy.

He noted that the second direction envisages the expansion of public-private partnerships in all sectors of the economy and the active involvement of the private sector in the implementation of public projects.

The third will be related to improving the quality of the environment in the economy - the ecosystem, increasing the stimulus and pace of development of the private sector.

And finally, the fourth priority is to create favorable conditions for the sustainable development of human capital, the widespread application of the digital economy, and innovation

The main idea is that an adequate environment will be created in the economy to gradually replace the leading role of the state in economic development and investment by the private sector. These approaches are the main directions of the strategy.

According to Jabbarov, these targets are in line with the country's rapid economic growth.

"I must note that the macroeconomic forecasts for next year and the parameters of the state budget are, in fact, compiled in accordance with the first year of the new strategic period. In 2022, we forecast GDP growth of 3.9 percent and non-oil products 4 percent. We also expect economic growth in some sectors, such as 4 percent in agriculture, 8.7 percent in the non-oil industry, 48.2 percent in the tourism sector, 4.5 percent in transport, and 9.5 percent in information and communication," the minister said.

In the same interview, the minister mentioned that economic growth has been restored.

"Positive trends in the dynamics of GDP growth are strengthening. With the exception of the construction sector, growth rates are accelerating in all sectors of the economy,” Jabbarov said.

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