Three reforms needed to be implemented in Azerbaijan, such as improving the availability of financial resources to increase productivity in the non-energy sector, increasing the private sector’s access to qualified human resources, and improving the competitive environment in the economy, World Bank Lead Economist for the South Caucasus Arvind Nair told Report.
He added that the country needs rapid reforms to achieve economic growth: “We have recently completed comprehensive economic analyzes on Azerbaijan. The document is called the Economic Memorandum on Azerbaijan, and this report will highlight the fact that if Azerbaijan implements the necessary reforms, by 2050, it will be able to increase per capita income by 40% compared to the current figure. To do this, certain measures must be taken. The most important thing is to turn the private sector into the driver of the Azerbaijani economy. In order for the private sector to play such a role, productivity must increase in the economy.”