“The contribution of the 'middle-income trap' to economies depends on the level of implementation of recommendations. Each country may approach this differently. However, Azerbaijan is currently making significant investments, and our economic growth forecast is approximately 3.2%,” Rolande Pryce, the World Bank’s Regional Director for the South Caucasus, said in an interview with APA-Economics.
She noted that forecasting higher economic growth is possible. This is one of the issues the Bank aims to promote through its Middle-Income Trap report.
“We need to sit down with the Azerbaijani government to discuss which recommendations from the report will be implemented and calculate how much they can specifically contribute to economic growth,” Rolande Pryce added.
Note that today, the World Bank presented its annual global report, the 2024 World Development Report (WDR), in Baku.
This year's report, titled Middle-Income Trap, provides an in-depth analysis of the challenges and opportunities faced by developing economies in escaping the middle-income trap and achieving high-income status.
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