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World Bank holds high-level Economic Policy Forum in Azerbaijan
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21 Oct 2009 14:44 ]
Baku. Nijat Mustafayev - APA-ECONOMICS. A high-level Economic Policy Forum exploring the long-term economic development of Azerbaijan has been held in Baku, co-chaired by Azerbaijan’s Prime Minister, Artur Rasizade and the World Bank Managing Director, Ms. Ngozi Okonjo-Iweala.
Deputy Prime Minister Abid Sharifov made a report about the country’s economic performance, saying GDP grew by 2.6 times to AZN 38 billion and GDP per capita increased by 2.5 times to AZN 4 440 (USD 5 404) in 2008 as compared to five years ago.
“Investments in our economy totalled AZN 33.5 billion during this period. Non-oil sector surged by 6.2 times. Foreign currency reserves increased by 11.6 times to USD 19 billion during 2003-2008. Despite the global finance crisis GDP growth rate was 6.1% during January-September 2009. Over this period, industrial output increased by 5%, agricultural sector by 3%, real incomes by 10%, average monthly salary by 15%, annual inflation amounted was 2.1%,” he added.
He noted that Azerbaijan holds the World Bank’s 3rd largest portfolio in Europe and Central Asia after Turkey and Kazakhstan.
Ms. Ngozi Okonjo-Iweala expressed her admiration at Azerbaijan’s economic growth trends.
According to her, the country should channel oil revenues to the development of other sectors, and reforms.
The forum focused on a number of issues, in particular an appropriate policy for improve the competitiveness of Azerbaijani economy, economic diversification and enhancing the role of non-oil private sector, reducing non-oil budget deficit, sustainability of fiscal policy, etc.
The forum was attended by representatives of government, presidential administration, parliament, economists, and experts from Europe and the USA.
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