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Tuesday, September 19, 2017

WB report: Azerbaijan joins ranks of growing middle class countries

A recent report from the World Bank showed Azerbaijan has entered the ranks of middle-income countries.

The World Bank released a report on Azerbaijan during a meeting between Senior Economist Mona Prasad and the Azerbaijan National Academy of Sciences on Friday, News.az reports.

Prasad said Azerbaijan has entered into the ranks of the middle-income countries due to the contribution of oil production to the country's gross domestic product.

The World Bank's analysis was part of a project covering all European and Central Asia countries, both rich and non-rich in natural resources, according to News.az.

Prasad said Azerbaijan's development strategy signed by President Ilham Aliyev, is critical for the development of human capital through high quality health and education services for all economic and social groups.

Prasad also addressed some of the problems Azerbaijan faces going forward, News.az reports.