Finance

Finance

World Bank holds high-level Economic Policy Forum in Azerbaijan

21 October 2009 11:44 (UTC +04:00)

Deputy Prime Minister Abid Sharifov made a report about the countryâ€™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.

â€œInvestments 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%,â€ he added.

He noted that Azerbaijan holds the World Bankâ€™s 3rd largest portfolio in Europe and Central Asia after Turkey and Kazakhstan.

Ms. Ngozi Okonjo-Iweala expressed her admiration at Azerbaijanâ€™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.