Azernews.Az

Azerbaijan has made significant strides in diversifying its economy in recent years, resulting in an increasingly stable and sustainable economic structure. The shift away from a heavy reliance on oil and gas has been driven by both necessity and foresight. As highlighted by Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the President’s Administration of Azerbaijan, during the presentation of the 2024 World Development Report (WDR), this process has not only stabilized the nation’s economic growth but also resulted in tangible improvements in the welfare of the population. By reducing dependency on fluctuating oil prices and embracing a broader range of industries, Azerbaijan has managed to position itself as an example of economic resilience and growth in the region.

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