The World Bank (WB), together with the government of Azerbaijan, is working on three main blocks of structural reforms designed to accelerate economic growth in the country, World Bank Senior Economist for Azerbaijan Steve Loris Gui-Diby stated during "Fitch on Azerbaijan 2026" in Baku, SİA informs.
As the first direction, the economist highlighted strengthening domestic competition through creating a level playing field for the private sector and state-owned companies, which currently hold dominant positions in leading industries and monopoly segments.
The second block of reforms is linked to enhancing external competitiveness. In this context, this implies attracting foreign direct investment (FDI) to non-oil sectors, improving trade policy, as well as simplifying non-tariff measures in order to reduce costs when importing raw materials and promoting domestic products to target markets.
As the third task, the WB representative identified the need to boost productivity and overcome the negative trend in total factor productivity (TFP) indicators, which declined against the backdrop of deteriorating dynamics in the oil and gas sector.
According to data from the World Bank Enterprise Survey, Azerbaijani non-oil enterprises still lag in productivity levels behind comparable economies, such as Chile or Bulgaria.
"The World Bank maintains an active dialogue with the authorities of Azerbaijan, providing technical support and analytical materials aimed at eliminating barriers in the services sector, stimulating private capital investments, and ensuring long-term fiscal stability," Gui-Diby noted.
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