Azerbaijan reveals goals of its new economic strategy

Within the framework of the strategy covering 2022-2026, it is possible to further increase economic activity by finding new "driving forces" for the profound diversification and full realization of export potential, expanding the share of private and foreign investment, attracting regional labor and all resources to economic turnover, said Economy Minister Mikayil Jabbarov, Report informs.

The minister noted that ten sub-working groups established under the leadership of the Prime Minister have prepared and submitted a draft strategy covering 2022-2026 based on national priorities.

According to him, the strategy envisages forming a high value-added growth model aimed at significantly reducing dependence on oil revenues to increase economic growth:

"If the new draft strategy is successfully implemented, in 2022-2026, the country's average annual GDP growth rate will be 3.9%, including 5% in the non-oil sector, and the nominal GDP per capita will increase 1.3 times compared to the current period."

Mikayil Jabbarov said that this target is in line with the country's rapid economic growth: "The macroeconomic forecasts and parameters of the state budget for the next year have, in fact, been compiled per the first year of the new strategic period. We forecast 3.9% GDP growth in 2022 for non-oil products. We also have economic growth expectations in some sectors. We are talking about growth rates of 4% in agriculture, 8.7% in the non-oil industry, 48.2% in the tourism sector, 4.5% in transport, and 9.5% in information and communication."