Vusal Gasimli: Welfare in Azerbaijan to improve by 40% in next 30 years

According to the World Bank, by 2050 the well-being of an average Azerbaijani citizen will improve by at least 40%, Executive Director of the Center for Analysis of Economic Reforms and Communications Vusal Gasimli said at an event dedicated to Victory Day - the second anniversary of the victory achieved under the leadership of Supreme Commander-in-Chief Ilham Aliyev, Report informs.

“There are two important factors accelerating our further development. Economists call one of them the total productivity of factors, which includes the development of institutions, the introduction of technology, the improvement of infrastructure, the entry of markets and the improvement of the mechanism of competition.

The second important area is human capital. Calculations show that if we continue at the current level with our reforms to increase productivity and expand human capital, this will allow us to grow the economy by another 1.7% annually. In this case, by 2050 the well-being of an average citizen of Azerbaijan will improve by at least 40%,” Gasimli said.