CBA chairman: Real volume of Azerbaijan's economy has quadrupled over past 20 years

Thanks to the growth strategy implemented in Azerbaijan, the real volume of the national economy has quadrupled, and exports have increased by 15.6 times over the past 20 years, Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, said at the event dedicated to the 100th anniversary of Great Leader Heydar Aliyev, Report informs.

The average growth rate of the economy has been 4 percentage points higher than the world average, and Azerbaijan has become an upper-middle-income country. The country's strategic currency reserves have increased by 41.9 times to $65.9 billion. Oil revenues have been successfully transformed into socio-economic development, the physical and technological infrastructure of the economy has been completely modernized. Due to the rapid growth, the living standard has increased significantly, and the level of poverty has decreased significantly,” he said.

The CBA chairman added that Azerbaijan, which has continuously strengthened its position as a leading country in the region, has been able to confirm itself as a reliable partner and has become a junction of east-west and north-south transport corridors: “Thus, the goals of a modern state, a sustainable economy and an inclusive society set by President Ilham Aliyev have already become today's reality.”