The diversification of Azerbaijan’s economy has become a response to important challenges, Shahmar Movsumov, head of the Department of Economic Issues and Innovative Development Policy of the Presidential Administration, said in Baku during the presentation of the World Bank’s annual global “World Development Report” (WDR) for 2024, Report informs.
He noted that while the non-oil sector’s share in GDP was 49% in 2011, it reached 68% in 2024.
“This transformation resulted from efforts to build a more balanced and sustainable economy. The population’s welfare has improved, minimum wages, pensions, and employment have increased, and measures were taken to reduce poverty,” he noted.
Movsumov emphasized that since joining the World Bank in 1992, Azerbaijan has undergone a massive transformation – from a country dependent on external aid to becoming a donor to the International Development Association.
