11:54 - 16.06.2023

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June 16, Fineko/abc.az. Under the existing growth model, Azerbaijan’s GDP per capita may only increase by 10 percent over the next 30 years

ABC.AZ reports that World Bank’s Country Manager for Azerbaijan, Sarah Michael, stated about this at an event on “Slowing Global Growth and Rising Risks – the Implications for Azerbaijan”.

“Azerbaijan will need to continue to transition away from its old growth model focused on oil and gas revenues and state-driven investment. Our long-term growth projections show that, under the existing growth model, GDP per capita may only increase by 10 percent or so over the next 30 years,” she said.

According to Sarah Michael, in such a scenario, Azerbaijan would remain an upper-middle-income country and not reach high-income status by 2050: “This is well below the country’s ambitions and the aspirations of its people. With a series of realistic investments and reforms in these areas, per capita income in Azerbaijan could be at least 40 percent higher by 2050.”