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World Bank: Per capita income may increase by 40% in Azerbaijan by 2050

Sarah Michael, Country Manager for World Bank in Azerbaijan

16 June 2023 10:23 (UTC +04:00)

"The per capita income in Azerbaijan may increase by at least 40 percent, or even more, by 2050 compared to the country's current development trajectory," said Sarah Michael, Country Manager for World Bank in Azerbaijan, while delivering a speech at the presentation ceremony of Global Economic Prospects report, APA-Economics reports.

She noted that there are more optimistic opportunities for Azerbaijan thanks to the new growth model: "This model envisages the support of a dynamic private sector, a more diversified economy, stronger human capital and deeper economic integration against the background of the active stimulating role of the state".

Note that according to the mentioned report, the growth of the economy in Azerbaijan this year will make up 2,2%. This is 0,6% less in comparison to the January forecast of 2023 of the World Bank.

The World Bank also determined that Azerbaijan's economy will grow by 2.5% in 2024, 0.1% less than the previous forecast, and by 2.6% in 2025.