World Bank: 61% of Azerbaijan's budget to be non-oil by 2029

By 2029, 61% of Azerbaijan's state budget revenues are expected to be generated from the non-oil sector, according to Wael Mansour, World Bank's Chief Economist for the South Caucasus, Report informs.

Speaking at the event, Unlocking Azerbaijan's Tourism Potential for Economic Growth and Diversification, in Baku, Mansour underscored that this target marks an important turning point in diversifying the country's economy.

"Government expenditures in nominal terms are projected to grow by an annual average of 2.3%. However, in real terms, a slight decline in spending is expected, reflecting the government's fiscal discipline policy. Prudent fiscal and macroeconomic policies increase market confidence, improve the country's risk indicators, support credit activity, and encourage foreign direct investment," he said.