BAKU: Azerbaijan President Ilham Aliyev underscored the country’s flourishing economy as the cornerstone of its ability to pursue an independent foreign policy.
While addressing the Summit of the United Nations Special Program for the Economies of Central Asia (SPECA), President Aliyev said that over the past two decades, Azerbaijan has witnessed an unparalleled economic transformation, with the Gross Domestic Product (GDP) soaring by fourfold. He revealed that budget revenues have skyrocketed by an impressive 30 times, while foreign trade turnover has surged by over 10 times during the same period.
Azerbaijan’s Economic Resilience
One of the key indicators of Azerbaijan’s economic resilience lies in its foreign debt dynamics. The president highlighted that the country’s direct foreign debt now constitutes a mere 10 percent of its GDP, a testament to the robust financial foundations that have been laid. Remarkably, Azerbaijan’s foreign exchange reserves currently stand at ten times the amount of its direct foreign debt, providing a substantial buffer against economic uncertainties.
President Aliyev also shared encouraging news on the social front, noting that the poverty level in Azerbaijan has experienced a remarkable decline from 50 to an impressively low 5.5 percent.
