Azerbaijan becomes global leader in economic complexity growth

The Growth Lab at Harvard University’s Centre for International Development has published a new report evaluating countries' Economic Complexity Index (ECI). Azerbaijan showed the highest positive dynamic in the index.

Azerbaijan’s Ministry of Economy told Caliber.Az that the country, based on indicators for 2018–2023, rose 44 positions in five years, reaching 95th place.

Azerbaijan’s dynamic rise in the ranking was achieved through economic diversification, the creation of new production lines, gradual improvement of the investment climate, an increase in the volume and range of non-oil and gas processing industry products, and the expansion of export potential, especially through the effective operation of industrial parks.

Growth Lab analysts emphasised that investments in industrial parks are creating new opportunities for diversification. In this context, they highlighted the role of the Sumgayit Chemical Industrial Park. The competitive non-oil products manufactured in the park are broadening Azerbaijan’s export lineup.

It should be noted that the Economic Complexity Index (ECI) evaluates the complexity of a country’s economy in terms of diversification, value-added production, and the level of knowledge and skills involved in manufacturing.

The ECI is used to forecast global trade trends, assess the future economic growth potential of countries, and inform strategic economic development planning.

By Tamilla Hasanova