Azernews.Az

Nazrin Abdul

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Shahmar Movsumov, Assistant to the President of Azerbaijan, spoke at the presentation of the World Development Report 2024, reflecting on the country’s remarkable economic transformation over the past three decades, Azernews reports.

From a period of extreme poverty in the 1990s to becoming a leading regional power, Azerbaijan has built a strong, modern economy with a focus on long-term growth and diversification.

Movsumov emphasized that Azerbaijan’s economy has expanded 3.8 times since 2003, with the private sector now contributing 85% of GDP. The non-oil sector’s share of GDP has risen from 48.9% in 2011 to 68% today, reflecting deliberate efforts toward diversification.

He credited visionary leadership, strategic investments, and sound economic policies for this progress, which has also significantly improved the quality of life for Azerbaijani citizens through higher wages, increased employment, and expanded social services.

He further acknowledged the pivotal role of the World Bank in Azerbaijan’s transformation, noting its contributions to modernizing key sectors like energy, agriculture, transportation, and healthcare. Looking ahead, Movsumov stressed the need for continued innovation, digital transformation, and investment in research and development to ensure sustainable growth and avoid stagnation as the country approaches high-income status.