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By Trend

The global economy experienced regression and numerous problems during the COVID-19 pandemic.

The dynamics of Azerbaijan’s economic development has increased as a result of the successful implementation of a correct and purposeful economic strategy in 2021.

The economic growth reached more than five percent, the non-oil economy grew by 7.2 percent, the non-oil industry - by about 20 percent and non-oil export – by more than 40 percent in 2021.

Foreign exchange reserves increased by $2.5 billion, the positive balance of foreign trade turnover exceeded $10 billion.

The stability of the national currency and a favorable investment environment were ensured in the country over the past period. The laying of the foundation of a wind farm with a capacity of 240 MW, which will be built through foreign investors’ funds, testifies to this.

The biggest state budget in the Azerbaijani history, amounting to 30 billion manat ($17 billion), was also approved.

The economic and structural reforms have played a major role in achieving this success. Tax structures collected about 1.4 billion manat ($823 million) in excess of the forecast in 2021.

The establishment of new, transparent relations and rules in the field of business has greatly accelerated the achievement of success in the economic sphere.

“Despite the impact of COVID-19 pandemic, 2021 was a successful year for the Azerbaijani economy,” Azerbaijani MP, economist Vugar Bayramov told Trend .

Bayramov added that the economy has grown by more than five percent over the past year and given the introduction of strict measures as part of quarantine regime during the first months, this is characterized as the great economic growth.

“At the same time, one of the most important points is the economic growth through the non-oil sector,” MP said. “Thus, the non-oil sector grew by 7.2 percent.”

Bayramov stressed that this is more than one-percent-growth throughout the country and shows that the non-oil sector is becoming the engine of economic growth, which is very important in terms of sustainable economic development.

“The forecast for fiscal revenues of the budget increased as a result of the economic growth and reforms in the economy,” the MP said.

“The transfers from the State Oil Fund of Azerbaijan were saved as a result of the growth in revenues transferred from the non-oil sector to the state budget,” Bayramov said. “As a result, the biggest budget for 2022 was prepared.”

Bayramov stressed that the development of the economy, the restoration of economic growth rates also create conditions for optimistic forecasts and estimates for the economy in 2022.

“The achievement of the economic growth in the real sector is obvious and the UN predicts the growth of the Azerbaijani economy by four percent as of 2022,” the MP said. “This shows that after the severe consequences of COVID-19 pandemic in 2020, the Azerbaijani economy has been growing sustainably.”

Bayramov said that it was possible to achieve bigger economic growth as a result of the reforms on the development of the non-oil sector and liberalization of the economy.

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