"Up until now, our economy has been focused on solving our key problem. We used all forms overtly and covertly to restore our territorial integrity. For this, we have tackled many issues," Executive Director of the Center for Economic Reforms Analysis and Communication (CERAC) Prof Vusal Gasimli opined, Report says.
In his opinion, the fact that Azerbaijan is not a member of any economic and political union was one of the main factors for its victory in the Patriotic War.
“If you look at our geography, you will see that in the west there are the European Union and its associate members, such as Georgia and Ukraine. The countries in the north and east are members of the Eurasian Union. The Gulf countries are in the south; in the southeast are the ASEAN group of states of southeastern Asian countries, and the African Union is in Africa. Azerbaijan did not join any of these unions. Everything has own price. The great leader Heydar Aliyev said that `our independence is of a great value’. That is, the great leader has great ideas about independence. If we were members of one of those alliances, we would not be so free when we liberated Karabakh. We have provided all the parameters of economic independence."
The economist believes that the low ratio of Azerbaijan's foreign debt to GDP is the result of the right economic policy: “Our foreign debt is less than 20% of gross domestic product (GDP). Whereas 60% indication is a red line. But now the world average is 100%. That is, foreign debt reaches 100% of GDP. In our case, it is less than 20%. Would we be able to do this if we were in debt?! No, it is not possible. Because those who lend money are those who order music.
“As you know, our strategic foreign exchange reserves are close to $55 billion. This is comparable to the volume of GDP. Which country has this amount of currency reserves as against GDP? In countries, the social fabric is either in the form of a pyramid or a rhombus. In the form of a pyramid, there is a rich class at the top, a middle class in the middle, and a poorer class at the bottom. The social structure in our country is in the shape of a rhombus. We have already a middle class formed. At the root of our stability, today is the formation of the middle class and the citizens are at the center of the policy of the great leader Heydar Aliyev and President Ilham Aliyev.
“The middle class is the basis of stability. There can be no stability without the middle class. Now we are talking about 5G technologies, 5G technologies have already been applied in the middle class. The stability of the manat in the country, the control of inflation, macroeconomic and social stability - all this is like health in the human body. The longer it is with you, the less you do appreciate it. As soon as you start trembling, there start fluctuations and discussions."