Azerbaijan's economy to grow by average 3-4% annually until 2027

In 2022-2026, Azerbaijan's economy will grow annually by an average of 3-4%, and non-oil/non-gas GDP will increase by an average of 5%, according to the Strategy of Socio-Economic development of the Republic of Azerbaijan for 2022-2026, approved today by President Ilham Aliyev.

The strategy says that the country's economic diversification and increase in non-oil exports would ensure sustainable and high economic growth. Azerbaijan's economy will be integrated into the global value chain due to the export of quality products and services. With this goal, a healthier and more competitive business environment will be created, the state will provide an extensive support for the development of entrepreneurship. The effectiveness of state-owned legal entities will increase, their accountability strengthened. The share of the private sector in the economy will be brought to 88%.

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