Azernews.Az

Nazrin Abdul

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Azerbaijan has significant potential to further accelerate its economic growth.

As reported by Azernews, Executive Director of the Center for Analysis and Communication of Economic Reforms (CAERC), Vusal Gasimli, made the statement during his speech at the 9th International Banking Forum today.

He noted that the presence of an output gap at the macro level indicates room for faster economic expansion:

“This is a key indicator confirming that more dynamic economic growth is achievable.”

Gasimli emphasized that investment is the primary driver that will boost economic growth. Work is currently underway on the 2027–2030 socio-economic development strategy, which envisions more than 10 billion manats in capital investments.

In addition, 13.2 billion manats of investment is planned under the Great Return Program for the period of 2027–2030.

He added that several major projects are also scheduled for implementation in the coming years. One of these is the Caspian Sea water purification and desalination project, estimated at over 400 million manats. Meanwhile, investment packages worth 5–10 billion manats are being discussed for the implementation of upcoming water and transport strategies for 2027–2030.

The CAERC head highlighted that, overall, the government’s capital investment from 2020 to 2030 is expected to average approximately 4 billion manats annually.