In the background of the growth of financial resources, Azerbaijan keeps today the most satisfactory result in the global debt market via strengthening attention to the structure of its foreign debt and also credits over 10 countries in the Europe-Asia network. Measures have been taken to implement the fight with corruption within the unified strategy, continue the steps taken in this sphere, improve work of public bodies, create fruitful control mechanisms, assure legality and transparency in the activity of local self-governing bodies and officials. Works done in this field contributed to the acceleration of the trends of development in economic and social spheres, durability of reforms, rise of transparency, improvement of population’s life conditions and increase of their social prosperity, reinforcement of free competition, strengthening of financial supervision in economic, social, scientific, education, healthcare, culture and other sectors.

As a leading country of the region, Azerbaijan is preparing to use the most advanced technologies of economic management in the background of huge financial flows, developing an interactive landscape of new social and economic scenarios. The rich development map of the republic for 2014-2020 is based on the convincing and optimistic macroeconomic forecasts.

“Reforms Azerbaijan has been implementing in the past years are of great importance. In comparison with Eastern Europe and Central Asia, reforms have been carried out more rapidly and comprehensively in this country. Azerbaijan has become the most leading country for coverage, scale and structural changes of regulating reforms. Continuing the reforms in the sphere of business regulation and investment environment series of states need to take experience of Azerbaijan into account in the next years.”, WB Country Director Penelope Brook said regarding Azerbaijan’s economic development.

The WB GDP per capita classification ranked Azerbaijan in the group of countries with high average income, while UNDP included it in the group of countries with high human development. According to Fitch Ratings, Standard & Moody’s, Azerbaijan’s credit rating has significantly improved. In “Global Competitiveness Report” for 2013-2014 of World Economic Forum Azerbaijan took the 39th position of competitiveness ranking among 148 countries with 7 point rise. The report shows the strengths of Azerbaijan’s competitiveness in the area of macroeconomic environment, which is placed in the position 8, the labor market efficiency ranked at 30, technological readiness 50, innovation 51.

Naila Mammadova
Azerbaijan Realities