Azerbaijan becomes leader in terms of growth rate in economic complexity

Azerbaijan has become the leader in terms of growth rate, having advanced 44 places in 5 years in the Economic Complexity Index (ECI) of Harvard University's international development center Growth Lab, Report informs, citing the Azerbaijani Ministry of Economy.

Harvard University's Growth Lab International Development Center has published its regular report assessing the Economic Complexity Index of countries. Azerbaijan has demonstrated the highest positive dynamics of progress in the Economic Complexity Index.

According to the indicators for 2018-2023, Azerbaijan has moved up 44 places in 5 years to 95th place. Azerbaijan's dynamic rise in the rating was achieved as a result of economic diversification, the creation of new production areas, further improvement of the investment climate, increasing the volume and variety of non-oil and gas processing industry products, and expanding export potential, especially through the efficient operation of industrial parks.

Growth Lab analysts emphasize that investments in industrial parks create new opportunities for diversification. In this regard, the Sumgayit Chemical Industrial Park can be noted. Competitive non-oil products produced in the park increase the variety of exports.

The Economic Complexity Index (ECI) measures the complexity of countries' economies in terms of diversification, high added value creation, and the level of knowledge and skill capacity in production. The Economic Complexity Index is used to forecast global trade dynamics, the future economic growth potential of countries, and to formulate economic development strategies.