“Azerbaijan’s per capita income in 1993 was only USD 110. However, within 30 years, this figure has increased 60 times, reaching USD 6,660 (GNI per capita calculated using the Atlas method) in 2023. Azerbaijan has reached this level by effectively using its natural resources, and this is truly impressive,” said Rolande Pryce, the World Bank Regional Director for the South Caucasus speaking at the presentation of the annual global report, APA-Economics reports.
She said that, however, Azerbaijan's goals are even higher. In addition to physical investments, it is extremely important to develop human capital, retain talent in the country, and create strong institutions that will help diversify the economy.
“Today, we will discuss how we can build on the recommendations of the 2024 World Development Report and what steps can be taken to further accelerate Azerbaijan’s development path. As the World Bank Group, we have been working with Azerbaijan for more than 30 years. We stand ready to support the government and the people of Azerbaijan as the country moves toward high-income status. Together, we can overcome the challenges ahead and make the most of the opportunities ahead,” added Rolande Pryce.
