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EBRD: Azerbaijan still needs reforms

10 March 2011 15:05 (UTC +04:00)

According to Erik Berglof, Chief Economist of the European Bank for Reconstruction and Development, even though the region left the global financial crisis behind, the crisis continues in several regions: â€œWe have to learn from this crisis to prevent the next recessionâ€.

Speaking about preventing factors the crisis Berglof noted that, European countries had to continue the reforms, develop the local capital market and strengthening the export: â€œSome countries conducted the reforms slowly. About Azerbaijan, this country still needs reformsâ€.

Besides, he noted that Azerbaijan must develop the business environment, include new spheres here: â€œAzerbaijanâ€™s economy is not strong due to depending on oil-gas sector. Thatâ€™s why Azerbaijan must develop the non-oil sectors. At the same time, Azerbaijan must deepen the financial sector, increase the share of private sector in this sphereâ€.

Vilayat Valiyev, Director, Institute for Scientific Research on. Economic Reforms, Ministry of Economic Development spoke about the economic development of the country and noted that GDP growth in non-oil sector was 7.9%, share of oil sector in GDP structure made 44.4%, share of private sector in GDP was 82%.