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Friday, August 18, 2017

Aliyev: Azerbaijan most rapidly developing country in the world

Azerbaijani President Ilham Aliyev recently told a conference on the implementation of government programs for socio-economic development that over the last 10 years the country has been the fastest growing economy in the world.

"The main point about the state regional programs is that they cover all areas. The first five-year program led to a turning point in the regions. Then the second program was adopted. These programs played a very important role in regional development and strengthened the economic potential of Azerbaijan as a whole," Aliyev said, Azernews reports. "During the last 10 years, Azerbaijan has developed most rapidly in the world; the economy grew by 3.4 times. As a result of these two programs, industrial production grew by 2.7 times. If in the first years of the program implementation, the economy and industry made progress mainly because of oil sector revenues, in recent years, the non-oil sector has played a great role in the development of our country."

Aliyev also said that the country created 1.2 million jobs, 900,000 of which are permanent, bringing unemployment down to 5 percent and poverty down to 5.3 percent.

"Over the past 10 years $160 billion has been invested in Azerbaijan and the volume of investment in recent years continued to grow. Last year it reached a record level when $28 billion was invested in the Azerbaijani economy. Domestic investments have already exceeded foreign ones, which is also a very positive fact. The composition of domestic investment is still dominated by public investment spending, which is natural, since infrastructure projects and other programs necessary for the economy are implemented," Aliyev said.