WB: Azerbaijan needs new growth model

Azerbaijan reduced poverty from 49 percent to 5 percent between 2001-2015, thanks largely to the country's strong economic performance, with the annual growth rate averaging 11 percent, Report informs referring to the WB publication in connection with the International Day for the Eradication of Poverty, celebrated on October 17.

The World Bank has also proposed a way to solve the problems facing the country: "Challenges remain. To address them, a new growth model is needed. This means reducing the state's footprint in the economy and unleashing the private sector’s potential by fostering competition, eliminating institutional rigidities, and promoting investment in human capital."