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Economy Minister: Current economic growth rates do not satisfy us

05 March 2026 11:05 (UTC +04:00)

The current pace of economic growth does not correspond to Azerbaijan’s potential and these indicators do not satisfy us, Economy Minister Mikayil Jabbarov said during his speech at the forum titled “A Look into the Future of the Tax System: A New Management Model and Data-Driven Decisions,” APA-Economics reports.

The minister said that the country’s foreign exchange reserves, low level of public debt, and fiscal indicators demonstrate the strong economic and financial foundations of Azerbaijan. Nevertheless, the existing economic growth rates do not fully reflect the real potential of the national economy.

Jabbarov noted that for this reason, the main goal of economic policy is to form new and more sustainable sources of economic growth. According to him, the adoption of knowledge and technologies, the wider application of artificial intelligence, and data-driven decision-making mechanisms will create new opportunities for the innovative development of the economy.

The minister added that within the framework of the “Azerbaijan 2030” development vision, a new package of measures covering 2027–2030 is being prepared, and the document has already undergone preliminary discussions at the Economic Council of the Republic of Azerbaijan.

Jabbarov emphasized that the document envisages the formation of an export-oriented economy, expanded access to credit resources, and the application of innovative approaches in economic policy.

He also noted that expanding trade partnerships to enable non-oil and gas products to enter new markets and strengthen positions in existing markets is planned, as well as making more active use of the Alat Free Economic Zone and transport-logistics infrastructure opportunities.

According to him, macroeconomic stability, protection of investors’ rights, and a favorable business environment in Azerbaijan are turning the country into one of the region’s reliable investment destinations. The minister added that amid the positive trends observed in the economy, there are also positive forecasts for the country’s sovereign credit rating to increase and reach investment level.