Azernews.Az

Azerbaijan may become the fastest developing country by 2030, department head at the Centre for Strategic Studies under the President of Azerbaijan Vusal Gasimli said at the international conference 'Middle class in Azerbaijan: social, economic, political dynamics and prospects', on Wednesday.

"The population's income volume is progressing in Azerbaijan, when the poor strata are transformed into the middle class. Now it is necessary to preserve the pace of income growth to expand the middle class," Gasimli said.

Studies show that the phase of accelerated economic development starts in a country with per capita income between $5,000 and $10,000.

"Given the current trends, by 2030 Azerbaijan may lead the list of fastest developing countries," Gasimli said.

According to the State Statistics Committee, in January-September the nominal per capita income in Azerbaijan reached 2645 manat or 12 per cent more than the figure for the same period of last year.

The average monthly income per capita amounted to 293.9 manat.

The growth rate of per capita income exceeded the consumer price increase by 10.5 percentage points.

The official exchange rate is 0.785 manat to $1 on Oct.24.