Vusal Gasimli: Actual GDP in Azerbaijan was lower than potential GDP

Baku. 30 May. REPORT.AZ/ Azerbaijani economy enters an interesting transformation stage.

Report informs, Executive Director of the Center for Economic Reforms Analysis and Communication, Vusal Gasimli told at the conference “Economic Reforms: Achieved results and recommendations” held in Baku.

According to him, in 2016 for the first time the actual GDP of the country was lower than potential GDP. That’s why the Strategic Roadmap for the development of national economy was adopted last year.

“Technological renovation, institutional development and formation of human resources were selected as main directions to ensure competitiveness of the Azerbaijan economy. There are already first results. According to results of first 4 months of this year, non-oil exports of the country jumped by 22%, shrinkage of currency reserves suspended, stability of Azerbaijani manat was ensured. Circulating monetary mass is equal to 13% of GDP. Whereas, this figure in Kazakhstan is 11%, South Korea- 8%, Turkey – 6.5%”, V.Gasimli added.