ADB: Azerbaijan's economic growth mainly driven by non-oil sector in 2022

Asian Development Bank [ADB] Vice-President Shixin Chen has said that Azerbaijan's GDP has risen significantly compared to 2021.

He made the remarks in an interview with Report on September 23.

"In the first half of the year, the GDP growth in Azerbaijan was around 6.2 per cent. Compared with the same period last year (2.1 per cent), it is a significant improvement, mainly driven by the non-oil sector of the economy. I think this is a good sign; besides, domestic demand and consumption in the country are strong," he said.

According to the bank's official, the bank expects Azerbaijan's GDP growth at about 4.2 per cent for this year and 2.8 per cent for the next year due to some instability.

"Domestically, I think many measures have been taken, which is a positive thing," he said.

"In addition, Azerbaijan has lots of potential areas that can support growth. First is green growth, which the government strategically targets; for instance, renewables in the energy sector and energy efficiency. The second is human capital. For instance, ADB is preparing a VET (vocation education training) project with Azerbaijan. We see huge potential for skills development in the human capital area. Education, health, and social areas all have the potential for further development. Third, regional cooperation is also an important area," Shixin Chen said.

"Combining these factors together, we are still looking very positively at future - medium to long term - development in Azerbaijan. It would help to maintain sustainable growth during global economic instability," he said.