Azerbaijan aims to double average annual economic growth rate to 7%

Azerbaijan sees economic growth rebounding this year as it emerges from a Covid-19-induced slump and the war with neighboring Armenia that restored its control over formerly occupied territories, Economy Minister Mikayil Jabbarov said in an interview with Bloomberg.

According to Jabbarov, Gross domestic product is forecast to increase by 3.4% after contracting 4.3% in 2020.

He also stressed that the estimates of international organizations on Azerbaijan's economic development are optimistic: "The World Bank predicts Azerbaijan's economy will grow 1.9% this year, and the IMF forecasts a 2% expansion."

The minister added that by 2030, Azerbaijan aims to double the average annual economic growth rate to 7%.

Jabbarov also noted the start of the COVID-19 vaccination in the country, and he believes the closed sectors of the economy will develop.