WB regional director: Azerbaijan made impressive achievements, country has significant potential

Azerbaijan has increased its per capita income by 60 times in 30 years, World Bank Regional Director for the South Caucasus Rolande Pryce said during the presentation of the World Bank's annual global "World Development Report" (WDR) for 2024, Report informs.

"In 1993, Azerbaijan's per capita income was only $110. In 2023, the country became a middle-income economy, increasing this indicator by 60 times to $6,660 according to the Atlas method (used to calculate gross national income per capita). Azerbaijan has successfully used its natural resources to achieve this result, and this is certainly an impressive achievement," she noted.

Pryce emphasized that Azerbaijan's ambitions are much higher.

"To become a high-income country, it is necessary not only to invest in physical infrastructure but also to pay special attention to human capital development, talent retention, and strengthening institutions that will contribute to economic diversification," she added.