A diversified economy will make Azerbaijan one of the high-income countries, the World Bank’s Country Manager for Azerbaijan, Sarah Michael, said at the presentation of the Global Economic Prospects report of the WB, in the panel discussions entitled "Slowing Global Growth and Rising Risks – the Implications for Azerbaijan", Report informs.
According to her, if Azerbaijan does not reduce its dependence on oil, it will 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, per capita income in Azerbaijan could be at least 40% higher by 2050.”