Azerbaijan's economic transformation: Insights from Dr. Rufat Guliyev
Dr. Rufat Guliyev, a Doctor of Economics, Professor, and member of the fourth convocation of the Azerbaijani Parliament
In an exclusive interview with News.az, Dr. Rufat Guliyev, a Doctor of Economics, Professor, and member of the fourth convocation of the Azerbaijani Parliament, highlighted the remarkable economic progress Azerbaijan has achieved over the past two decades.
Reflecting on the country's growth, Dr. Guliyev noted, "Over the last 20-25 years, Azerbaijan's economy, including its Gross Domestic Produc t (GDP), has grown nearly fourfold. Two and a half decades ago, our national budget barely exceeded $200 million. Today, it surpasses $10 billion. We’ve maintained a stable currency and achieved strong macroeconomic indicators."Dr. Guliyev emphasized Azerbaijan's robust gold and foreign exchange reserves, which now stand at approximately $70 billion, equivalent to the nation's GDP. "Our international trade balance is around $5 billion — a healthy figure. We’ve sustained annual economic growth of 3.5-4%, and the Central Bank's foreign exchange reserves alone range between $7 billion and $9 billion. These solid fundamentals ensure there is no basis for devaluation," he explained.
Azerbaijan has also emerged as a key player in regional and global infrastructure projects, implementing numerous transcontinental and transnational initiatives, including oil and gas pipelines and railway systems. "Our transport system is the most advanced link between Asia and Europe," Dr. Guliyev added.
Green energy and new economic zones
Dr. Guliyev highlighted Azerbaijan's commitment to green energy development, stating that the country has undertaken significant projects in collaboration with international partners. "Azerbaijan ranks among the world’s top ten destinations for foreign investments in green energy. Recently, we’ve launched large-scale projects with Saudi Arabia and other influential Arab nations, focusing on renewable energy development," he said.
The Alat Free Economic Zone is another cornerstone of Azerbaijan's economic strategy, promising to attract further investment and bolster economic diversification. Additionally, significant resources are being allocated to the reconstruction and development of territories liberated from occupation.
"Next year, at least 4 billion manats will be dedicated to projects in these regions, aligning with the Great Return Plan. Tens of thousands of displaced citizens are already returning, with the pace expected to accelerate annually. Within the next 4-5 years, the Karabakh and Zangezur economic zones alone are projected to contribute 20-25% to our GDP," Dr. Guliyev concluded.
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