Mikayil Jabbarov: “Conditions have been created for the transition to a qualitatively new stage of development in Azerbaijan”

Mikayil Jabbarov: “Conditions have been created for the transition to a qualitatively new stage of development in Azerbaijan”

Adoption of the “Socio-economic Development Strategy of the Republic of Azerbaijan in 2022-2026” creates conditions for the transition to a qualitatively new stage of development.

“Report” reports that this was stated by the Minister of Economy Mikayil Jabbarov.

“For the first time in our practice, the strategy is a fully collective and collegial document. The sectoral working groups created during the preparation of the strategic document were led by the heads of the respective fields and ministries. We create a unity of the goals set by Mr. President and how to achieve the goals from the executive level, that is, from below. Our main goals are high welfare society, integration of the country’s economy into the global value chain, strengthening the innovation orientation and financial stability of the national economy”, M. Jabbarov noted.

According to him, other documents and measures arising from the strategy will also be adopted: “For example, the implementation of privatization in this and other areas, the expansion of financing opportunities for small and medium businesses, the creation of this and other structures, the allocation of funds for some purposes, for example, the “Great Return” reflects the amount of separation”.

The minister emphasized that this document reflects all aspects of the socio-economic life of the country.

It should be noted that according to the strategy, the economy of Azerbaijan in 2022-2026 will grow every year on average 3‒4 %, and non-oil/gas GDP is an annual average 5 % will increase. The share of the private sector in the economy will be increased to 88%.

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