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Azerbaijan Became the Fastest Growing Country in the Last Decade

The International Monetary Fund (IMF) was in Azerbaijan from February 27 to March 12 and forecasted 9% growth in non-oil sector in Azerbaijan in 2013.

This was stated by the head of the IMF mission to Azerbaijan Raja Almarzogi at a press conference in Baku.

The IMF mission visited Azerbaijan for consultations with the government.

"It is projected that the country's GDP will increase by 4.5% in 2013," said Almarzogi. The head of the mission said that over the past 10 years, the economy of Azerbaijan has become one of the fastest growing in the world.

"Most of this success has been achieved thanks to oil revenues. We believe that today the income generated from the sale of oil and gas projects should be directed to the non-oil sector of the economy. You also need to reduce the level of public investment during the development and improvement of the business environment, which will lead to an increase in private investment and non-oil exports," the mission's head underlined.


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