Azerbaijan's sustainable economic growth will depend on the non-oil sector, Rolande Pryce, the World Bank Regional Director for the South Caucasus, said at the presentation ceremony of the "Azerbaijan Country Economic Memorandum – Spring 2026" report held in Baku, APA-Economics reports.
She stated that over the past decade, Azerbaijan has maintained economic stability and demonstrated strong resilience despite numerous external shocks, thanks to strong macroeconomic management, solid fiscal capacity, and effective public policies.
Rolande Pryce noted that the country's economy is now entering a new phase. According to her, as hydrocarbon production gradually declines, the development of the non-oil sector will become the main source of sustainable economic growth and the creation of quality jobs.
According to the World Bank's assessment, economic growth in Azerbaijan slowed to 1.4% in 2025. This was mainly due to a decline in oil production and a slowdown in the growth rate of the non-oil sector.
The regional director emphasized that the main purpose of the report presented is to provide policy recommendations on how Azerbaijan can accelerate economic diversification and create new sources of sustainable economic growth.
She added that the special focus of this edition of the report is tourism, and the document analyzes the role the tourism sector can play in accelerating economic growth and diversifying the economy.
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