Azernews.Az

By Aynur Karimova

The World Bank predicts growth of Azerbaijan's agricultural sector at 4 percent in 2016-2018. This figure is the highest in the South Caucasus region and one of the highest among the Eastern and Central European countries.

The Bank's experts believe that the only viable and sustainable response to the decline in oil revenues is shift of employment in tradable sectors of the economy.

"Such a shift may take some time, but there are already the first signs of changes in this regard. Agriculture has made great contribution to the economic growth in 2015 in many countries in the eastern part of the region, with the exception of Moldova, which has experienced drought," states the World Bank's report.

The Bank's experts believe that the growth of the agrarian sector has allowed compensating the decline in industry in such countries as Azerbaijan, Kyrgyzstan and Russia.

"The growth of the agricultural sector by 4.4 percent in 2015 helped protect the income of 38 percent of Azerbaijani citizens, concentrated in this sector," the World Bank noted.

The agrarian sector is of significant importance for Azerbaijan, which is keen to reduce its dependence on petrodollars.

Azerbaijan, being engaged in boosting the population's food security and increasing export potential, considers the agricultural sector as a tool to diversify the national economy.

Azerbaijan, with its advantageous geographic location, has all possibilities to increase export of high quality agro products, which are in great demand in neighboring countries.

Experts believe that with the further development of production of high quality agricultural goods, Azerbaijan will be able not only increase the supply to neighboring countries, but also enter markets in Eastern Europe.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

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