Azernews.Az

The financial crisis that recently hit world markets has damaged the economies of numerous countries, but Azerbaijan`s well thought-out policies and powerful economy are protecting the country`s economy from being harmed, President Ilham Aliyev has said.
"This is a result of our thought-out economic policy and very cautious approach to risks. This is the most proper policy. Azerbaijan is integrating very rapidly into the world economy in all fields and is a part of it. We have to, and are pursuing, our policy so that any given economic-political crisis has no impact on Azerbaijan, and we have accomplished this," Aliyev said during a Monday cabinet meeting dedicated to reviewing the outcome of Azerbaijan`s socio-economic development in the first nine months of the year.
The president praised the results of Azerbaijan`s development in January-September 2008. He said the national economy has been developing successfully and very dynamically, and these trends are continuing in the current fourth quarter.
"The 15% increase in the Gross Domestic Product over nine months is a very high figure. Azerbaijan`s retaining its ranking as a global leader in economic growth over the past four years shows that economic reforms underway in the country are sustainable and long-term," added Aliyev.
"Although inflation is currently reaching 21%, the government is taking comprehensive steps to minimize its impact. From this standpoint, a 34% increase in the income of the population is one of the graphic examples of a purposeful state policy," the president said.
Further, President Aliyev said social issues remained a priority for the government. The minimum wage and pensions are being raised throughout the country, while work being done in humanitarian fields, along with budgetary allocations seeking to address social matters and to fund infrastructure projects, are boosting the well-being of citizens. The State Program on Socio-Economic Development of the Regions has been successfully completed and the economies of most Azerbaijani regions more than doubled in the past five years.
Aliyev said Azerbaijan`s position on the world stage has strengthened, and the country is playing a stabilizing role in the volatile region while making a great contribution in bolstering regional cooperation.
He also said that, considering that Azerbaijan is currently in a state of war with Armenia, the country primarily has to continue to boost its military potential.
"The lion`s share of budget spending will, again, be spent on army-building and boosting our military power in the coming years," Aliyev pledged.
Wrapping up the government meeting, Aliyev emphasized that all of the government`s goals had been successfully met during the first nine months of the year. Next year, the protection of macro-economic stability and a reduction in inflation will stay in focus for the government. Non-oil sector development and food safety will remain priorities, as well, the president said.